Headlands raises $232m for latest secondaries fund

The firm raised the capital for its second fund in 18 months from 185 investors.

Headlands Capital Management has collected more than three times the amount of capital in its debut fund with its latest secondaries vehicle after 18 months of fundraising.

The San Francisco-based firm has raised $232.4 million from 185 investors for Headlands Capital Secondary Fund II, according to a filing with the US Securities and Exchange Commission. The fund’s target is not clear.

Wren Capital and TGP Securities are listed as helping to place the fund.

Headlands’ predecessor vehicle held its final close on $76.5 million in April 2015, below its initial $200 million target, according to PEI data.

Headlands typically invests between $1 million and $100 million in acquiring single lines and small- and mid-sized portfolios of fund interests in growth equity, leveraged buyout, venture capital, energy, infrastructure, distressed debt and hedge fund strategies, according to its website.

The firm, which was founded in 2006 by former Paul Capital executive David Park and Hoover Investment Management executive David Cost, has five professionals on its secondaries team and an office in New York in addition to its San Francisco headquarters.