Commonfund more than doubles secondaries firepower with Fund II

The firm has raised $450m for Commonfund Capital Secondary Partners II in a final close.

Commonfund Capital has held the final close on its sophomore secondaries fund, collecting more than double the amount it raised with its debut vehicle.

The Wilton, Connecticut-headquartered firm amassed $450 million for Commonfund Capital Secondary Partners II, according to a statement. The figure is more than two-and-a-half times more than its 2015-vintage $170 million predecessor vehicle.

“With the size of the private capital secondaries market more than tripling since 2008, this fund presents our clients with a unique opportunity to further diversify their allocation within private capital,” said Cari Lodge, Commonfund managing director and head of secondaries.

The fund, which launched in November 2017 according to Secondaries Investor data, was backed by endowments, foundations, pension plans, insurance pools and family offices, among others.

LPs in Commonfund’s first secondaries fund include Cleveland Institute of Music, North Dakota State University Development Foundation and The William Penn Foundation, according to Secondaries Investor data.

Of the 10 largest secondaries firms, according to the SI 30, at least seven were in market as of the end of April with secondaries vehicles seeking a combined $60.85 billion, accounting for 71 percent of the total capital sought.

Firms are seeking at least $84.85 billion in total across at least 43 vehicles.

Commonfund was founded in 1971 and manages $25 billion in assets for around 1,300 institutional clients, according to the statement.