Hollyport Capital, the London tail-end fund stakes strategist, has held a first close on its latest secondaries fund after two months of fundraising.
The firm has raised £125 million ($194.8 million; €177.6 million) as of 31 July for Hollyport Secondary Opportunities V, according to a statement. In June, Secondaries Investor first reported the firm was in market with its fifth dedicated secondaries fund, targeting £150 million.
The fund’s hard-cap is £175 million, according to chief executive John Carter. The firm expect to hold a final close later this year.
“We have a very loyal and supportive investment base. We deployed our previous fund in about 18 months, and it’s a very active market at the moment,” Carter told Secondaries Investor. “We didn’t want to be out of the market for any period of time so we spoke to our investors to ensure we had continuity in the business and they were incredibly supportive. The vast majority of the £125 million is from existing investors who have increased their allocations.”
The firm has received commitments to Fund V from existing and new investors, including institutions, family offices, endowments and high net worth individuals. No investments have been made yet from the fund, Carter said.
The size of Hollyport’s funds has doubled with each launch since the firm began fundraising in 2007.
“The current environment is providing us with a strong pipeline of investment opportunities, and we expect to be making the first investments in Hollyport V later this year,” Carter said.
Formed in 2006, Hollyport acquires tail-end portfolios of mature private equity assets in the secondaries market, and seeks investment from institutions, family offices, endowments and sophisticated high net worth individuals, according to its website.