CapDyn seeking $750m for secondaries – exclusive

The firm is seeking more than double the amount targeted for its 2014-vintage predecessor.

Capital Dynamics‘ latest secondaries fund is targeting more than double the capital sought by its predecessor, Secondaries Investor has learned.

Capital Dynamics Global Secondaries V is targeting $750 million, according to two sources familiar with the fundraising. The Zug-headquartered investment firm sought $350 million for its 2014-vintage predecessor, according to PEI data.

Fund V has raised at least $56 million so far across one onshore and one offshore vehicle, according to two filings with the Securities and Exchange Commission dated 7 August.

It was first registered in Luxembourg in March.

Capital Dynamics Global Secondaries IV raised $564 million by final close in 2016, according to PEI data. Investors include City of Fort Lauderdale General Employees’ Retirement System and the Clwyd Pension Fund.

In July Capital Dynamics acquired Italian private equity fund of funds manager Advanced Capital after buying part of its portfolio last year, as Secondaries Investor reported.

According to research by advisor Evercore, secondaries buyers intend to raise $77 billion in the second half of this year and the first half of next. Including leverage and the $64 billion of dry powder as of 30 June, this could mean between $170 billion and $200 billion will be available for secondaries.

Capital Dynamics did not wish to comment.

– Adam Le contributed to this report.