Glendower Capital has exceeded the target for its independent first fund and is eyeing a final close in the first quarter of next year, Secondaries Investor has learned.
The London-headquartered secondaries firm, which span out of Deutsche Bank in August 2017, collected $2 billion for Glendower Capital Secondary Opportunities Fund IV in an interim close on Thursday, according to a source familiar with the matter. The fund’s target was $1.75 billion and its hard-cap is $2.5 billion, according to PEI data.
It is understood a global mix of institutional investors including pension funds, insurance companies, sovereign wealth funds, family offices, foundations and endowments have committed to the fund. The Public School Retirement System of the City of St Louis has committed $5 million, according to minutes from the pension’s March meeting.
The fund was registered in the UK in November last year, according to a Companies House filing. It held a first close in May on $1.3 billion, as Secondaries Investor reported.
Glendower declined to comment.
The firm has already begun investing Fund IV. In July it backed the €100 million acquisition of a portfolio of mature direct stakes managed by Bridgepoint. The deal also involved follow-on capital to develop the assets.
In May the firm led a $530 million GP-led transaction involving Strategic Partners, Hamilton Lane and GSM Grosvenor in which six assets managed by US deal-by-deal investor Argonne Capital Group were moved into a four-year continuation vehicle. It is understood Glendower used Fund IV to invest in that deal.
The fundraise comes amid a rush by secondaries firms to tap LP appetite for the strategy. At least seven of the top 10 largest secondaries firms are fundraising or preparing to launch flagship vehicles, including Goldman Sachs Asset Management which is seeking between $6.5 billion and $7 billion, as Secondaries Investor reported on Tuesday.
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