Coller International Partners VI, Coller Capital’s latest secondaries fund, has held a final close on $5.5 billion, the firm said in a statement. Its original target was $5 billion.
Like previous Coller funds, CIP VI has a flexible approach, able to invest in assets globally that range in size from $1 million to more than $1 billion.
The fund ranks behind AXA Private Equity‘s latest secondary vehicle, AXA Secondary Fund V, which reached $7.1 billion when it held a final close last month. Together with a sidecar fund of $900 million, it is the biggest secondary fund raised to date. The second largest is Lexington Partners‘ 2008-vintage fund which raised $7 billion. Goldman Sachs has also raised $1.2 billion to date for its latest secondary fund, while Paul Capital launched its latest fund with a $2 billion target last month.
Launched officially in April last year with pre-marketing having begun in late 2010, Coller’s latest fund attracted commitments from more than 200 limited partners, the firm said. Pension funds committed just over half the capital raised, with sovereign wealth funds providing 15 percent and insurers 10 percent. Endowments, foundations, family offices and other asset managers accounted for the remaining 22 percent.
LPs included: the New Mexico State Investment Council; Ohio Police & Fire Pension Fund; Oregon Investment Council; Oregon Public Employees’ Retirement System; Pennsylvania Public School Employees’ Retirement System; School Employees’ Retirement System of Ohio; and the State of Wisconsin Investment Board.
Chief investment officer Jeremy Coller commented: “We have formed this new fund at an exciting time in the secondaries market, when investors from all over the private equity world are looking to re-shape their portfolios or exit from the asset class. With $5.5 billion of firepower, CIP VI will be able to provide comprehensive secondaries solutions to even the largest of these investors.”
The fund has already deployed $800 million, Coller added, and had a full pipeline of potential investments.
O’Melveny & Myers’ fund formation team advised Coller on the fundraising.