Banner Ridge reaches $2bn hard-cap on latest flagship raise

The firm, founded by Siguler Guff‘s former secondaries head, is yet to hold the final close for Banner Ridge Secondary Fund V, Secondaries Investor understands.

Banner Ridge Partners has reached the $2 billion hard-cap of its latest flagship secondaries fund, Secondaries Investor understands.

Banner Ridge Secondary Fund V, which is yet to close, has a target of $1.4 billion, according to a source familiar with the matter.

The fund launched in November 2022, according to Secondaries Investor data. It held a first close in January and is anticipated to reach its final close in early autumn, the source said.

Banner Ridge declined to comment.

The vehicle is now twice the size of its predecessor fund which closed above its $600 million target on $1 billion in 2021, according to Secondaries Investor data.

New York-based Banner Ridge was founded in 2019 by Tony Cusano, Siguler Guff’s former secondaries head. The firm’s secondaries vehicles mainly target opportunities in high-quality distressed private equity, hedge fund side pockets and out-of-favour managers, according to its website.

In August, the firm said it had closed its second fund targeting distressed, special situations and credit opportunities on a primary basis. Banner Ridge DSCO Fund II raised $639 million, according to a statement at the time. That fund makes primary fund commitments, co-investments and early secondaries investments.

Secondaries Investor reported in March that Banner Ridge had made a number of hires, including that of Siguler Guff’s former head of global distribution Matthew Brewer who joined as managing director and head of capital formation. The firm also tapped Blackstone Alternative Asset Management to hire Prashant Sundar as principal.