The US-headquartered secondary fund of funds manager Landmark Partners is said to have begun marketing its latest secondaries vehicle, Landmark Equity Partners XV, to investors. The vehicle is seeking a total of $2.5bn. The fund’s predecessor, which is now fully invested having completed 25 transactions consisting of 198 interests in 184 private equity funds, held a final close on $2bn in 2010. Landmark Partners’ latest vehicle is expected to seek to acquire interests in buyout funds globally, targeting in particular North America and Europe-focused vehicles.
In all, there are 32 secondaries funds in market currently targeting an aggregate $27bn. Landmark Equity Partners XV is the fourth largest; the three largest vehicles by amount targeted are Goldman Sachs’ Private Equity Group’s Vintage Fund VI (targeting $4.5bn), Harbourvest Partners’ Dover Street VIII (targeting $2.9bn) and Partners Group’s Partners Group Secondary 2011 (targeting $2.8bn). This year so far has seen some large final closings held for secondaries vehicles, including the record $7.1bn raised by AXA Secondary Fund V, $5.5bn raised by Coller International Partners VI, and $2.4bn raised by CS Strategic Partners V.