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Golding closes secondaries fund on €280m

The Munich-headquartered manager's first dedicated secondaries fund targets small and mid-sized opportunities on an LP- and GP-led basis.

Golding Capital Partners has held an above-target final close on its first dedicated secondaries fund.

The Munich-headquartered asset manager collected €280 million for the fund, which has already done 14 transactions, building exposure to 80 small and mid-sized companies, according to a statement. It was targeting €200 million.

The firm aims to use its reputation as a “dependable partner” to win transactions without having to offer the highest price, said managing partner Hubertus Theile-Ochel in the statement.

“Just recently, for example, we were able to acquire a fund interest with a long-term pan-European partner, where after just a few months we are already expecting the first distributions,” he said.

The firm is particularly interested in sectors with recurring, contractually guaranteed revenues such as software, technology and healthcare, added head of secondaries Richard Wilmes.

The fund has bought a stake in Horizon Capital Fund 2013, a vehicle managed by the general partner formerly known as Lyceum Capital, according to UK public filings.

Golding is to launch a follow-on fund in the first half of 2022.

Secondaries Investor reported in March that Golding was two-thirds of the way to its target on the fund, known as Golding Secondaries 2019. The fund will mainly make private equity investments and can do debt and infrastructure deals with PE-like characteristics across Europe and North America.

The portfolio will be roughly balanced between LP portfolios and complex deals in order to combine a higher multiple with quicker cashback, we reported.

Golding has previously made secondaries investments out of PE, infra and debt fund of funds vehicles. The firm is in market with private a debt fund of funds targeting €500 million-600 million, Secondaries Investor reported in July 2020.