Headway to hold first close on HIP IV – exclusive

The firm is looking to hold a first close in July, Secondaries Investor has learned.

Headway Capital Partners is eyeing a first close on at least half the target amount for its fourth secondaries fund, Secondaries Investor has learned.

The London-headquartered firm expects to have raised more than €150 million for Headway Investment Partners IV (HIP IV) by July, according to two sources familiar with the fundraise. HIP IV launched in February with a €300 million target, the sources said.

Headway expects to hold the final close above target by the fourth quarter of this year and has not yet set a hard-cap for the fund, according to one of the sources.

It is understood Asante Capital Group is advising on the fundraise.

Headway’s predecessor vehicle, the 2012-vintage HIP III, closed on €175 million in December 2013 after 20 months of fundraising, according to PEI data. New York-headquartered foundation Central Park Conservancy is listed as a limited partner in the fund.

In March Headway was close to delisting London-listed cleantech investor Ludgate Environmental Fund in a transaction that valued the vehicle at £8.5 million ($11 million; €10 million).

Headway was founded in 2004 and invests in direct secondaries, structured secondaries, GP restructurings, co-investment secondaries and traditional LP positions, according to its website. It specialises in deals under €50 million globally with a focus on Western Europe and North America.

Headway and Asante declined to comment.