News & Analysis

Four secondaries funds close in Q1

One real estate secondaries fund and three private equity funds closed during the first quarter, according to PEI data.

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Four secondaries funds closed during the first quarter of 2015, according to PEI’s Research and Analytics division.

The largest fund closed was also the only real estate secondaries fund raised. Morgan Stanley Alternative Investment Partners closed its Morgan Stanley AIP Phoenix Global Real Estate Secondaries Fund II 2013 on $500 million.

Three private equity secondaries funds closed on an aggregate total of roughly $705 million.

PineBridge Investments closed its third secondaries fund that had been in market since 2013. PineBridge Secondary Partners III closed on $308 million, shy of its $500 million target.

Meanwhile, Zurich-based Akina closed its debut secondaries fund ahead of its €200 million target. Akina Euro Choice Secondaries raised €224 million from 35 LPs including pension funds, endowments, insurance companies, family offices and high net worth individuals. Most of the LPs are from Australia, Canada, Europe and the US.

Lastly, Fort Washington Capital Partners closed its latest secondaries fund on $150 million. The fund was raised alongside Fort Washington’s eighth primary fund of funds, which closed on $300 million. The firm raised $450 million total and about $180 million came from LPs in both funds.