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.
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.
Banner Ridge declined to comment.