News & Analysis

Auldbrass targets $100m for Fund II – exclusive

The former Citi captive expects to hold the final close on the vehicle by the end of the year, Secondaries Investor has learned.

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Auldbrass Partners is seeking $100 million for its latest secondaries vehicle, Secondaries Investor has learned.

The 100 percent employee-owned secondaries firm and Citi spin-out has set a hard-cap of $150 million for Auldbrass Partners Secondary Opportunity Fund II and expects to hold the final close by the end of the year, according to a source familiar with the fundraise.

In early May, a filing with the US Securities and Exchange Commission revealed Fund II had held a first close on $41 million, just over a month after the date of the first sale.

Investors so far include corporate and public pension funds and some foundations, according to the source, and a $15 million to $20 million investment from an undisclosed fund of funds is also expected.

Around 85 to 90 percent of the fund will be deployed in the US, according to the sources.

Auldbrass Partners focuses on the North American and western European mid-market, investing in secondaries targets in buyout, growth equity, mezzanine and other types of private equity funds.

Its debut fund, the 2012-vintage Auldbrass Partners Secondary Opportunity Fund, raised $15 million and closed in November 2014, according to PEI data.

​New York-headquartered Auldbrass Partners was spun out from the US bank in 2011 by managing director Howard Sanders. Sanders spent two years as managing director at Citi Holding Alternatives and more than four years as a senior investment officer with Citigroup Global Pension Investments, according to his LinkedIn profile.

Auldbrass Partners declined to comment.