Goldman Sachs Private Equity Group Launches its Latest Secondaries Vehicle

by Antonia Lee

  • 19 Apr 2012
  • PE

The past month has seen several secondaries managers entering the market with new funds, including Goldman Sachs Private Equity Group with Vintage Fund VI, its sixth secondaries fund in the series. The fund is targeting between $4-5bn from investors and is expected to follow a similar strategy to its predecessor, investing in secondary market offerings ranging from $1mn to over $1bn in all private equity strategies and geographies.

Another manager to have launched a secondaries vehicle within the last month is Clairvue Capital Partners. The secondary real estate manager is seeking $500mn for Clairvue Capital Partners II, which is expected to focus on recapitalizing real estate private equity funds, real estate operating companies, institutionally managed property portfolios, joint ventures, investors' balance sheets and other types of real estate platforms.

As well as a number of new funds entering the market, there have also been several fund closes within the past month. Japanese fund of funds manager Alternative Investment Capital has closed its maiden secondaries vehicle after collecting $152mn from investors, which includes Development Bank of Japan and Sumitomo Mitsui Banking Corporation. AIC Asia Opportunity Fund primarily invests in growth and buyout funds, with limited exposure to venture funds. It aims to gain exposure to private equity funds across the Asian region, including China, India, Southeast Asia and Australia.

Furthermore, US-based private equity fund of funds manager Morgan Stanley Alternative Investment Partners completed fundraising for Morgan Stanley Private Markets Fund V. It raised $720mn for the fund and an additional $580mn for its affiliated separate accounts, exceeding its original target of $1.25bn. While it is mainly focused on primary investments, the fund includes a 15% allocation to secondary market opportunities. It will seek to make secondary investments in niche buyout, venture, mezzanine and distressed private equity (including special situations, distressed debt and turnaround) funds.

Preqin currently tracks 247 secondaries managers and fund of funds managers actively purchasing stakes in private equity or real estate funds on the secondary market, of which just over 100 are actively raising capital for new secondaries funds or fund of funds with the capacity for secondary market investments.

Continue browsing industry reports, publications, conferences, blogs and more on Preqin Insights