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

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.