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Ex-Getty Trust exec’s firm holds secondaries final close

Niche buyer Felicitas targets fund stakes, direct secondaries, preferred equity and fund financings at the small end of the market.

A niche secondaries firm founded by a former J. Paul Getty Trust executive has held a final close on its sophomore fund.

Felicitas Secondary Fund II has raised $213.4 million, more than twice the amount raised for its predecessor, according to a statement seen by Secondaries Investor. We reported in January that Pasadena-headquartered Felicitas Global Partners was in market targeting $300 million for the fund.

Felicitas mainly acquires stakes in funds, as well as direct secondaries, preferred equity and fund-level financings.

The firm invests across asset classes, geographies and industries, focusing opportunistically on “areas where liquidity is lacking”, according to the statement. Fund II is “well into its investment period”, having done deals across private equity, private credit, venture capital and real estate.

Felicitas was founded in 2012 by managing partner Bonar Chhay, according to his LinkedIn profile. In addition to secondaries funds, it has raised private credit and private equity vehicles, as well as separately managed accounts focused on the small end of the market.

Chhay spent six years as an equities manager with the $7.2 billion J. Paul Getty Trust working on private equity, emerging markets equities and buying and selling stakes on the secondaries market.

Secondaries funds that hit final close raised $39.8 billion in the six months to end-June, according to Secondaries Investor data. This was down $13.7 billion year-on-year, yet still the second-highest half-year total recorded.