Capital Dynamics surpasses target for Fund IV

The global fund of funds manager is three-quarters of the way towards the $500m hard-cap for its latest secondaries vehicle.

Capital Dynamics has raised more than the target for its latest dedicated secondaries vehicle, approximately two years after it hit the market.

The Switzerland-based fund of funds manager has raised $377.6 million for Capital Dynamics Global Secondaries IV, according to a filing with the US Securities and Exchange Commission. The filing shows that 30 investors have committed to the vehicle so far.

Fund IV launched in March 2014 with a $350 million target and a $500 million hard-cap, according to PEI Research and Analytics. The fund held a first close on about $150 million last April, with a significant amount of capital expected from existing investors and new limited partners from the US and Japan, Secondaries Investor reported.

Capital Dynamics generally targets a 1.6 to 1.8x multiple with a net return of 15 to 20 percent, according to October minutes from the board meeting of the City of Fort Lauderdale General Employees’ Retirement System, which committed $10 million to the fund.

Wayne County Employees’ Retirement System pledged $20 million and City of Fort Lauderdale General Employees’ Retirement System made its private equity debut with a $10 million commitment, according to PEI data.

Capital Dynamics‘ secondaries team focuses on small deals globally across private equity, real estate and infrastructure-related opportunities, according to the firm’s website.

Capital Dynamics did not return a request for comment by press time.