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Headlands launches sophomore secondaries fund

The San Francisco-based asset manager was co-founded in 2006 by former Paul Capital executive David Park.

San Francisco-based asset manager Headlands Capital has launched its sophomore secondaries fund, according to documents filed with the US Securities and Exchange Commission on Thursday.

The fund’s target size is unknown and a spokesperson from Headlands could not be reached by press time.

Headlands’ previous secondaries fund launched in 2011 and raised $76.5 million toward a $200 million target, according to PEI’s Research and Analytics division. Limited partners in the fund include the Memphis Light, Gas and Water Retirement Systems.

Headlands acquires single LP interests or portfolios of interests in private equity funds focused on buyout, distressed debt, energy, growth equity, infrastructure and venture capital. The firm also considers stakes in hedge funds, according to its website. Typical deals range from $1 million to $100 million.

The firm also has a small-cap opportunities investment programme which focuses on companies with a median market cap of about $500 million. The firm holds between 8 and 12 core investments at any given time.

Headlands has offices in San Francisco and New York. It was founded in 2006 by former Paul Capital executive David Park and David Cost, who previously worked at Hoover Investment Management, the website disclosed.