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Secondaries Funds in Market

by Antonia Lee

  • 29 Sep 2011
  • PE

There are currently 27 secondaries funds on the road, looking to raise an aggregate $19.8 billion from investors. Of these, 30% have a primary focus for purchasing stakes in private equity funds investing in Europe, 59% are North America-focused and the remaining 11% are predominantly seeking secondary opportunities in Asia and Rest of World. Of the funds currently seeking capital, 44% have held an interim close so have already begun actively deploying capital committed by investors.

Secondaries funds known to have recently held an interim close include ICECAPITAL Nordic Secondary Fund. The vehicle, which is managed by ICECAPITAL Asset Management, was launched in early 2011 but recently held a first close so is now actively seeking secondary investment opportunities. It is looking to purchase stakes in a diverse portfolio of private equity funds focused on the Nordic region. It is likely to weight its investments towards buyout and growth funds, but will also consider late stage funds and direct secondary investments.

Another secondaries vehicle known to have recently started making investments is Altamar V Private Equity Program. Spanish fund of funds manager, Altamar Private Equity, recently held a first close for its latest fund of funds offering having raised EUR 120 million from investors. Altamar V Private Equity Program follows a similar strategy to its predecessor, targeting 100% of its investments in buyout funds. It will invest globally with 45% of the investments with a focus on US, 45% to Europe and the remaining 10% to Asia.

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