News & Analysis

FF&P commits to 17Capital Fund III – exclusive

Fleming Family & Partners expects secondaries to make up 20 percent of some clients' portfolios in the next three years, according to investment manager Richard Clarke-Jervoise.

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Family office advisory firm Fleming, Family and Partners (FF&P) committed to a single secondaries fund in 2014, according to alternative investment manager Richard Clarke-Jervoise.

FF&P committed to 17Capital’s third flagship secondaries fund, which was preparing to launch earlier this year, Secondaries Investor revealed.

Historically, FF&P has committed to secondaries funds opportunistically, and it usually allocates most of its capital to buyout funds. It has committed to six secondaries funds since inception, including 17Capital Fund III.

However, in three years secondaries could make up 20 percent of FF&P’s clients’ portfolios. In 2015, the firm plans to secure one or two more secondaries fund commitments, Clarke-Jervoise explained.

Richard Clarke-Jervoise
Richard Clarke-Jervoise

Most of the secondaries funds FF&P commits to focus on direct secondaries investments, because these funds often promise strong cashflow early on in the investment period.

“Clients have been increasingly sensitive to the velocity of capital, but the secondaries market allows for greater velocity of capital at a lower risk, when compared with private equity,” Clarke-Jervoise said.

FF&P focuses on asset management, corporate finance and wealth planning.It is in the process of merging with London-based multi-family office StoneHage, which will allow the firm to represent 250 families and manage more than $43 billion of assets.