Cusano’s Banner Ridge smashes target on debut fund

The firm, founded by Siguler Guff's former secondaries head Anthony Cusano, will focus mainly on acquiring stakes in distressed, special situations and credit funds.

Banner Ridge Partners, the secondaries firm founded by Siguler Guff‘s former secondaries head, has collected more than half a billion dollars for its debut flagship vehicle.

Tony Cusano, Banner Ridge Partners
Cusano

The firm, which Anthony Cusano launched last year, has raised $550 million for Banner Ridge Secondary Fund III in a final close, according to a statement. The fund closed on its hard-cap and was oversubscribed after four months of fundraising.

“We have built a strong team that is well-positioned to take advantage of the opportunities that arise from being a distressed and special situations specialist,” Cusano said. “It is my firm belief that an investment culture based on the development of long-term relationships, the willingness to constantly re-evaluate one’s view and, most importantly, the focus on identifying determinable value is the key to outperformance.”

The fund, which had a $350 million target, will focus mainly on acquiring stakes in distressed, special situations and credit funds globally, as well as GP-led restructurings.

The firm is also raising a primary pocket that will hold a first close on $80 million in early February, and has raised a $100 million overage account that allows the flagship fund to “flex up” in deal size, Cusano said.

The firm will invest in opportunities between $50,000 and $200 million.

Limited partners in the flagship fund include public pension funds, registered investment advisors and family offices, mainly in North America.

The vehicle has already deployed $68 million across 13 investments investments, Cusano said. The firm did not use a placement agent to raise the fund.

Secondaries Investor reported in March that Cusano had left Siguler Guff after almost nine years. In June, he launched Banner Ridge and was seeking $350 million for BRP IIISecondaries Investor reported.

Banner Ridge’s team has committed more than $1 billion to around 80 managers, according to the statement. Its team includes former Siguler Guff principal CJ Driessen and former Drum Capital Management managing director Robert O’Connor, according to its website.

The firm has grown to eight professionals and plans to hire an additional two, Cusano added.