CapDyn nears $850m target for latest secondaries fund

GSCE VI launched in 2022 and is seeking a slight step up from the amount raised by its predecessor.

Capital Dynamics is eyeing an October final close for its latest secondaries flagship and has already raised most of the capital for the vehicle.

The Zug-headquartered firm has raised $796 million out of an $850 million target for GSCE VI, according to meeting materials prepared by consultant NEPC for the MWRA Employees’ Retirement System’s 30 May board meeting.

The fund launched in 2022, according to Secondaries Investor data. Investors so far include City of Fort Lauderdale General Employees’ Retirement System, Mandatum Life Insurance Company Limited, Oklahoma Firefighters Pension & Retirement System and Wayne County Employees’ Retirement System, Secondaries Investor data shows.

If it hits its $850 million target, Fund VI will be 8 percent larger than its predecessor which raised $786 million in 2021.

GSCE VI is targeting a 15 percent net internal rate of return and a 1.7x to 1.8x multiple, the MWRA documents show. It has a 10 percent carried interest over an 8 percent preferred return.

MWRA manages around $690 million for Water Resources Authority retirees in the state of Massachusetts.

A spokesperson for Capital Dynamics did not comment for this story.