Cusano’s Banner Ridge passes $200m mark

The firm founded by former Siguler Guff principal Tony Cusano received nearly half of the total raised so far from cornerstone investor New Mexico Educational Retirement Board.

Banner Ridge Partners, launched this year by Siguler Guff‘s former head of secondaries, has passed the 70 percent mark on fundraising for its debut vehicle.

Banner Ridge Secondary Fund III has raised $211 million from 46 investors, according to a filing with the US Securities and Exchange Commission. The firm is not using a placement agent and expects the fundraise to last at least one year, the filing notes.

Secondaries Investor reported in June that managing partner Tony Cusano had formed Banner Ridge Partners and was targeting $350 million for its debut fund. CJ Driessen, a former Siguler Guff principal, is co-founder and partner.

Chief compliance officer and principal Scott Halper and investment associate Andrew Wu also joined from Siguler Guff, according to Banner Ridge’s website.

In September New Mexico Educational Retirement Board approved a commitment of $100 million to the fund and $40 million to side vehicle Banner Ridge DSCO Fund I, a spokesperson for NMERB confirmed.

Banner Ridge mainly focuses on buying fund stakes managed by general partners where their primary investment mandate is characterised by distressed, special situations and credit.

Secondaries Investor reported in March that Cusano had left Siguler Guff. He ranked fourth in the 2017 Young Guns of Secondaries list of the most impressive industry professionals under 36.

Banner Ridge declined to comment.