Continuity holds final close on NZ$46m – exclusive

The Australian fund of funds manager smashed the target for its latest fund that will focus on primary and secondaries investments in Australasia.

Continuity Capital Partners has held a final close on its fund for New Zealand investors targeting primary and secondaries opportunities in Australasia.

The Canberra-headquartered fund of funds manager held a close on NZ$46 million ($31 million; €28 million) for Continuity Capital Private Equity Fund No2 LP, exceeding its NZ$30 million target, managing partner Ovidio Iglesias told Secondaries Investor.

“We invest in both primaries and secondaries and, alongside our other portfolios, will probably invest 50 percent in secondaries to backfill the portfolios,” Iglesias said.

The fund received support from more than two dozen New Zealand investors including community trusts, charitable trusts, Maori tribal trusts, endowments, foundations and family offices, most of whom are investing in private equity for the first time, he said.

The fund will invest alongside similar commingled funds Continuity has raised from Australian investors.

Formed in 2010, Continuity targets primary, secondaries and co-investment opportunities in private equity, private debt and special situations in the Asia-Pacific region. The firm also has an office in Hong Kong.