The share of secondaries investments in CPG Carlyle Private Equity Fund dropped in the third quarter ended 30 September to 59.85 percent from 65.91 percent the previous quarter, according to a filing with the Securities and Exchange Commission.
The closed-end fund targeting high net worth individuals and investing predominantly in funds sponsored by Carlyle did not add new secondaries investments in the three months ended 30 September, according to the filing.
However, it invested in several co-investment funds including $12 million in Carlyle RDSL Coivestment and about $9 billion in Carlyle Sapphire Partners.
Short-term investments in the fund were concentrated in six money market funds in the third quarter and the fund manager also added a certificate of deposit. Short-term investments represented nearly 33 percent of the fund in the third quarter, up from 24.94 percent during the previous quarter. Short-term investments help facilitate redemptions but also reduce returns.
The fund had about $718 million in total assets as of 30 September, up from $694 million as of 30 June.
New York-based Central Park Group is the investment adviser for CPG Carlyle Private Equity, which makes co-investments and primary investments, as well as secondaries investments in funds sponsored by Carlyle and its affiliates. It also makes direct investments in operating companies sponsored by Carlyle.
CPG Carlyle Private Equity Fund targets accredited high net worth individual and requires a minimum initial investment of $50,000 to access the vehicle, much lower than the $5 million minimum investment that typical private equity funds require.