Golding Capital Partners is two-thirds of the way through fundraising for its first dedicated secondaries fund.
The Munich-headquartered firm is targeting €200 million to invest in the smaller end of the market and is set for final close in the summer, head of secondaries Richard Wilmes told Secondaries Investor. The fund held a first close in March last year.
Golding Secondaries 2019 will mainly make private equity investments and can back debt and infrastructure deals with PE-like characteristics across Europe and North America. The portfolio will be roughly balanced between vanilla and complex deals in order to “combine the higher multiple on the GP-led side with quicker cashback from the LP side”, Wilmes said.
The fund’s strategy is to pay “fair prices for high-quality assets”, with less interest in heavily discounted, tail-end dealflow, added investment director Thomas Hallinger. It has targeted covid-19-resilient sectors, including a strip sale involving four software companies held in a European fund.
Golding will invest as a syndicate partner on GP-led deals involving managers and companies it knows well, Hallinger added.
The manager has previously made secondaries investments out of PE, infra- and debt fund of funds vehicles. Golding Buyout 2018 raised €375 million by final close last month, with Golding Private Debt 2020 fund holding final close on €200 million in July.
Golding has five investment professionals sourcing secondaries deals across its dedicated fund and primary platform. Golding Secondaries 2019 had executed six deals by the end of 2020.
Secondaries funds that held final closes during 2020 raised $95.6 billion, exceeding all previous full-year totals, Secondaries Investor data show.