Chelsea Stevenson
The secondary sale and fund extension was approved by 100% of limited partners in FFC Partners’ Fund III.
The private equity-focused investment bank has moved Dominik Woessner from London to the firm's Asia office in Shanghai as secondary activity picks up in key markets.
There are a few dedicated sellers in the secondaries market today, but most are opportunistic, said Harken Capital Securities' vice president, Nick Hatch.
The firm surpassed its $650m target for its third secondaries fund, which launched in 2012.
The retirement system plans to commit about $1.2bn to the asset class in 2014.
Ronald Schweizer and Colin Mohamed have joined a growing list of executives that have left the firm over the past year.
The private equity firm that focuses on restructuring and liquidating aging private equity funds has already made six investments from Fund III.
The bank’s private fund group has hired Mark McDonald to help manage its secondaries activities in Europe, Middle East, Africa and Asia.
The firm is seeking $500m for Fund III, which originally had a $1.3bn target.
The firm’s oversubscribed Dover Street VIII fund surpassed its $3bn target and managing director Brett Gordon sees more secondaries opportunities ahead.
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