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Ex-J Paul Getty Trust exec’s firm seeks $300m for PE, credit secondaries

Felicitas Global Partners has also raised private credit and private equity vehicles as well as separately managed accounts focused on the small end of the market.

A firm founded by a former J Paul Getty Trust portfolio manager is in market with its sophomore secondaries fund.

Pasadena-headquartered Felicitas Global Partners has raised $28.5 million for Felicitas Secondary Fund II out of a target of $300 million, according to a filing with the Securities and Exchange Commission. The date of first sale was 10 January.

Felicitas’s debut secondaries fund launched in 2016 targeting $75 million, according to Secondaries Investor data. It raised $100 million upon final close, according to a source familiar with the firm.

According to its website, Felicitas partners with secondaries funds, investment teams and intermediaries in less competitive segments of the secondaries market. It typically focuses on limited partnership interests and direct stakes of under $10 million in size across private equity, credit and hedge funds. The firm describes itself as a “value-oriented investor.”

Felicitas was founded in 2012 by managing partner Bonar Chhay, according to his LinkedIn profile. As well as 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.

Last year, the amount of capital raised for secondaries hit $36.9 billion across 32 vehicles, down on the totals for 2017 and 2018, according to the Secondaries Investor interactive data download published last week.

Felicitas declined to comment on fundraising.