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Glouston raises more than $300m for secondaries

The management team of Glouston Partners bought it out of $22bn hedge fund and private equity manager Permal Group in 2016.

Niche secondaries firm Glouston Capital Partners has held an interim close on its latest fund.

The Boston-headquartered manager raised $309.45 million for Glouston Private Equity Opportunities VI from 40 investors, according to a filing with the US Securities and Exchange Commission.

A spokeswoman for the firm confirmed the amount and said that the fund has not yet reached final close. The target of the fund is not clear.

Glouston Private Equity Opportunities VI launched in August 2018, according to Secondaries Investor data. Its 2015-vintage predecessor Fund V raised $465 million, against a target of $450 million, from limited partners including Ohio Public Employees Retirement System, which committed $150 million, Houston Firefighters’ Relief and Retirement Fund and Dallas Fort Worth International Airport.

Glouston targets mature assets across buyout, growth and venture capital in the form of single lines, small portfolios, structured transactions, direct secondaries and restructurings, according to its website. It has a maximum bitesize of $75 million.

The firm took its name in 2016 after its management bought it out of Permal Group, a $22 billion London-based hedge fund and private equity fund manager.

Glouston’s managing partners are Red Barrett, Michael D’Agostino, Robert Di Geronimo and Ben Marino, all of whom have been with the firm for at least 15 years, according to its website. It had committed $2.8 billion of capital as of 30 September across commingled funds and customised accounts.