Commonfund doubles up for latest secondaries fund

The firm, which caters to investors from the non-profit sector, is seeking $350m for its latest vehicle.

Commonfund is seeking $350 million for its second dedicated secondaries fund, more than double the amount of its first vehicle.

Commonfund Capital Secondary Partners II has yet to make a first sale and is expected to be in the market for more than a year, according to a filing with the US Securities and Exchange Commission.

The Connecticut-headquartered firm manages customised investment programmes for endowments, foundations and public pension funds, according to its website.

Its own brokerage arm Commonfund Securities is listed as a placement agent on the fundraising.

Commonfund, whose private capital team mainly manages funds of funds, launched its debut dedicated secondaries fund Commonfund Capital Secondary Partners 2015 in November 2014, according to PEI data. The fund held its final close in December 2015 on $170.7 million, exceeding its $150 million target.

Investors in the fund include North Dakota State University Development Foundation, according to PEI data.

A presentation compiled for Weber State University, seen by Secondaries Investor, noted that Secondary Partners 2015 invests globally in small, less competitive transactions.

Commonfund has $24.4 billion in assets under management, according to PEI data. The firm offers tailored investment programmes for non-profit organisations spanning active and passive equities, fixed income, hedge funds, commodities and private capital.