Connecticut commits $100m to Landmark’s 14th fund

Landmark’s Fund XIV reached its goal of $1.5bn, but has not yet officially closed. The target was lowered from the fund’s initial offering of $2.4bn.

The Connecticut Retirement Plans and Trust Fund has committed $100 million to Landmark Partners 14th secondaries fund.

The $22.9 billion pension system, which has been investing in private equity since 1987, has committed capital to Landmark in the past.

Landmark has met its target of $1.5 billion for Fund XIV, according to documents from the US Securities and Exchange Commission. It’s not clear when the firm will officially close fundraising. Landmark was not available for comment.

The total amount of the fund has been reduced, according to SEC filings. The initial offering amount for Fund XIV was $2.4 billion. Landmark also is raising a parallel fund to Fund XIV, though no offering amount is disclosed in the SEC filing.

Connecticut’s private equity programme has 66 funds with capital commitments of $5.9 billion, of which about $4.1 billion has been called.

Landmark, based in Connecticut, has raised a total of 26 funds since it was founded in 1989. Landmark’s funds focus on providing liquidity to owners of interests in venture, mezzanine, buyout and real estate limited partnerships.

The firm’s funds have raised more than $7.5 billion of equity in the past 11 years, which has been deployed across 1,100 partnerships comprising more than 13,000 underlying company and property investments, according to the firm’s web site.