Ant Capital holds final close on latest secondaries fund

The Tokyo-based firm's latest fund can make direct secondaries investments and acquire LP stakes from domestic investors.

Tokyo-based Ant Capital Partners has held a final close on its latest dedicated secondaries fund after around two and a half years of fundraising.

The firm closed Ant Bridge 4 Private Equity Secondary Investment Fund on ¥27 billion ($244 million; €215 million) in January, according to a statement. The fund’s hard-cap was ¥30 billion.

The fund comprises two vehicles: Bridge 4-A, a direct secondaries vehicle launched in August 2014, and Bridge 4-B, launched in December 2014, which targets secondaries stakes on the Japanese and foreign markets.

The fund will offer liquidity to small-to mid-sized companies in Japan and seeks to improve capital efficiency by acquiring limited partner stakes mainly from  domestic investors, according to the statement.

Ant Capital allocates about 70 percent of its secondaries programme to direct secondaries, with the remaining 30 percent to LP stakes, managing partner Takao Akaogi told Secondaries Investor in September.

The firm is planning to start fundraising for its fifth buyout fund in its Catalyser series in the autumn, according to sister publication Private Equity International. The target will be around $300 million, more than double the size of its previous vehicle, and is expected to be open to both local and international investors.

Ant Capital was established in 2000 and has raised eight dedicated secondaries vehicles since 2003, according to PEI Research and Analytics.