Glendower collects $1.3bn for first fund after spin-out – exclusive

The Deutsche Bank spin-out has held a first close on around 70% of Glendower Capital Secondary Opportunities Fund IV's target.

Glendower Capital has held the first close on the first fund raised after it span out of Deutsche Bank in August, Secondaries Investor has learned.

The London-headquartered secondaries firm has amassed $1.3 billion for Glendower Capital Secondary Opportunities Fund IV, according to a source familiar with the matter.

It is understood the fund’s target is $1.75 billion with a $2.5 billion hard-cap. The firm expects to reach the hard-cap in the fourth quarter of this year, the source added.

Glendower declined to comment.

It is understood a mix of existing and new investors have committed to the fund. Limited partners include The Public School Retirement System of the City of St Louis, which committed $5 million, according to minutes from the pension’s March meeting.

Glendower registered Fund IV with the UK’s Companies House in November and a vehicle for US investors with the Securities and Exchange Commission on 6 April.

St Louis previously invested in the $1.65 billion DB Secondary Opportunities Fund III, the last fund raised by Deutsche Asset Management before the spin-out of its secondaries team, according to PEI data. It also invested in Landmark’s 2010- and 2013-vintage private equity secondaries funds.

In May, Glendower announced it had led a $530 million GP-led transaction involving assets managed by US deal-by-deal investor Argonne Capital Group. The firm, alongside Strategic Partners, Hamilton Lane and GSM Grosvenor, backed the deal in which six of Atlanta-based Argonne’s assets were moved into a four-year continuation vehicle. It is understood Glendower used Fund IV to invest in the deal.