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Glendower eyes $4.5bn hard-cap on first fund post-CVC acquisition

If it hits the hard-cap, the firm's latest fund would be 67% larger than its 2018-vintage predecessor.

Glendower Capital, the eighth-biggest secondaries firm in Europe according to the SI 50, is closing in on raising its first fund since being acquired by CVC Capital Partners last year.

The London-headquartered firm has already hit the $3.5 billion target for Glendower Capital Secondary Opportunities Fund V and is expected to reach its $4.5 billion hard-cap during or around the summer, according to a source familiar with the fundraise.

If it hits the hard-cap, Fund V, which launched in 2020, would be 67 percent larger than its 2018-vintage predecessor. That fund raised $2.7 billion and was the largest debut fund ever raised by an independent firm at the time of close, according to Secondaries Investor data.

Separate filings with the US Securities and Exchange Commission last week show the fund had raised at least $3.2 billion from 76 investors and was yet to hold its final close. Investors in Fund V include Chicago Policemen’s Annuity & Benefits Fund and Louisiana State Employees’ Retirement System, according to Secondaries Investor data.

Glendower’s recent deals include a January $450 million single-asset process on Innovetive Petcare, managed by Metalmark Capital. Neuberger Berman Private Markets and Lexington Partners also backed that deal.

Fund V is the eighth-largest fund in market focusing on secondaries, Secondaries Investor data shows. Ardian and Lexington are each seeking $15 billion for their flagship funds, with Strategic Partners, Landmark Partners, Whitehorse Liquidity Partners, ICG and Partners Group all seeking $4 billion or more for their latest vehicles.

A spokesperson for Glendower declined to comment.