Glendower collects at least $5bn for latest fund with final close in sight

Glendower Secondary Opportunities Fund V had an initial hard-cap of $4.5bn – a figure that is understood to have been increased

Glendower Capital, the fourth-largest UK-headquartered secondaries firm according to the SI 50, has surpassed the original hard-cap of its latest fund and is continuing to raise capital.

The CVC Capital Partners-owned firm has raised more than $5 billion for Glendower Secondary Opportunities Fund V, more than its initial $4.5 billion hard-cap and $3.5 billion target, according to a source familiar with the fundraise.

Secondaries Investor understands that the initial hard-cap has been increased since the firm first began fundraising for Fund V. The fund launched in February 2020, according to Secondaries Investor data.

Glendower is understood to be expecting to hold the final close on the fund by the summer.

At $5 billion, the fund is almost twice as large as its 2018-predecessor, which closed on $2.7 billion.

A spokesperson for Glendower declined to comment.

Glendower made a series of promotions this month including two at senior level. The firm elevated Elena Smirnova and Jonathan Au to managing directors, in London and New York, respectively. Both are members of the firm’s investment team.

There were at least 82 secondaries funds in market with known target amounts, seeking a combined $104.81 billion as of 6 February, according to Secondaries Investor data. Ardian, Lexington Partners and HarbourVest Partners are seeking the most out of this group, targeting $15 billion, $15 billion and $13.5 billion for their respective vehicles.