So far in 2013, four secondaries funds have held a final close, raising an aggregate $3bn. The largest secondaries fund to close in 2013 so far is Crown Global Secondaries III, managed by private equity fund of funds manager, LGT Capital Partners. The vehicle closed on $2bn, two-thirds of the total capital raised so far in 2013. It seeks to purchase secondary interests in private equity funds on a global scale.
Another fund to have held a final close in 2013 so far is Greenpark International Investors IV. The fund closed to new investors in April 2013 having raised an aggregate $500mn, after setting an initial target size of $1.2bn. StepStone Secondary Opportunities Fund II, managed by private equity fund of funds manager StepStone Group, has also held a final close this year, raising a total of $450mn, above its target of $350mn. The vehicle will pursue the manager’s preferred secondary market strategy of completing secondary transactions at the smaller end of the market.
Gopher S Fund I, managed by China-based Gopher Asset Management, is another fund to have held a final close in 2013. The vehicle raised a total $80mn from investors. It targets investor stakes in China-focused private equity funds, including buyout, venture, growth, and mezzanine funds, and seeks to diversify its portfolio across various sectors and vintage years.
There remain 31 secondaries vehicles in market targeting aggregate capital of $22.3bn.