Glendower Capital is plotting a return to market, having deployed more than half the capital from its first fund raised as an independent entity.
The London-headquartered secondaries firm is planning to launch Glendower Capital Secondary Opportunities Fund V in the second half of 2020, according to a source with knowledge of the situation. The fund is expected to target more than $3 billion.
Policemen’s Annuity and Benefit Fund of Chicago’s 27 January investment committee meeting minutes show the US pension was considering a commitment to Fund V. Glendower had responded to an October request for proposals for a secondaries manager issued by the pension’s consultant NEPC, even though it was not in market with a fund, Secondaries Investor understands.
Secondaries Investor reported on Thursday that Chicago Police had approved a $25 million commitment to Glendower and $25 million to HarbourVest Partners’ Dover Street X fund. The other finalists were Adams Street Partners, Coller Capital and Auldbrass Partners.
Glendower held a $2.7 billion final close on Secondary Opportunities Fund IV in July, exceeding its $2.5 billion hard-cap, making it one of the largest ever first-time private equity funds, Secondaries Investor reported.
All 17 members of Deutsche Asset Management’s secondaries team spun out to form Glendower in 2017. The senior team comprises managing partners Carlo Pirzio-Biroli and Charles Smith, and partners Chi Cheung, Deirdre Davies, Adam Graev and Josh Glaser.
Glendower declined to comment.