Committed Advisors secures €2.6bn for latest secondaries fund

Committed Advisors has closed on €2.6 billion for its latest secondaries vehicle marking a significant jump on its predecessor.

Committed Advisors Secondary Fund V surpassed its €2.4 billion target, according to a statement. It received commitments from sovereign funds, pension plans, endowments and foundations, financial institutions, family offices and high-net-worth individuals across Europe, North America and the Asia-Pacific region.

The vehicle has brought on 100 new limited partners, managing partner Daniel Benin said in the statement.

Fund V’s predecessor raised €1.6 billion in 2020, beating its €1.25 billion target, Secondaries Investor data shows.

In line with its predecessors, it will acquire primarily mature private equity assets in the small and mid-sized segments of the private equity market across North America, Europe and emerging countries. The fund will also invest in GP-leds and spin-out transactions as well as direct secondaries typically ranging from €10 million-€100 million in size. The vehicle has already deployed around €1 billion to date, managing partner JB Stock said.

“The ongoing succession of macro and geopolitical challenges, dampening private equity liquidity to the lowest level since the global financial crisis, is creating a record pipeline of opportunities and an attractive pricing environment for secondaries,” Stock added.

Committed Advisors’ secondaries team will focus on quality, resilient and diversified assets, managing partner Guillaume Valdant said, adding that the firm is “confident this strategy will allow us to keep delivering strong performance for our investors, without using any leverage”.

France-headquartered Committed Advisors has also promoted two to join its four founders – Barthélémy de Beaupuy, Benin, Stock and Valdant – in the management company partnership, de Beaupuy said.

Alexis Ruiz, who joined Committed Advisors in 2011, is relocating to the US to co-head the firm’s New York office alongside Stock. Adrian Yap, who also joined the firm 13 years ago, co-heads the firm’s Singapore office and oversees its APAC opportunities alongside de Beaupuy.

Committed Advisors joins Banner Ridge Partners in this year’s secondaries fund closes. Banner Ridge held a $2.15 billion final close on its latest flagship secondaries fund this month, significantly surpassing its $1 billion predecessor which closed three years prior.

News emerged earlier this month that Lexington Partners broke the record for the largest secondaries fund ever raised, closing on $22.7 billion for Lexington Capital Partners X. The vehicle closed in December after just over two and a half years in market, according to Secondaries Investor data.