Hollyport closes Fund VI on $500m hard-cap – exclusive

This is the first dollar-demoninated fund for the tail-end specialist, which attracted US and multinational institutional LPs to its latest vehicle.

Hollyport Capital, a London-based tail-end secondaries specialist, has hit the hard-cap on its latest secondaries fund and has hired additional investment staff to help deploy the vehicle, Secondaries Investor has learned.

Hollyport Secondary Opportunities VI, which launched around the beginning of the year, and had an initial target of $400 million.

The vehicle is the first to be denominated in US dollars, Hollyport’s previous five having been in pound sterling. John Carter, Hollyport’s chief executive told Secondaries Investor the decision was made to attract US investors who appreciate the convenience of dollar-denominated funds and their advantages when it comes to liability matching.

As with Hollyport’s previous funds, Fund VI will build a portfolio of mature fund stakes with a highly diversified array of fund types, managers and geographies, for investment risk mitigation.

The fund has already invested in four deals, Secondaries Investor understands.

US and multinational endowments and institutional investors make up a considerable proportion of the $500 million.

The firm has also expanded its team this year, hiring six additional investment professionals in its London office.

Hollyport’s funds have roughly doubled with most of its fundraises. Predecessor Fund V raised £187.5 million ($247 million; €210 million) in November 2015 after five months of fundraising, exceeding its hard-cap of £175 million, according to PEI dataFund IV raised £75 million in 2013, exceeding it target of £50 million.

ICG Enterprise Trust, Intermediate Capital Group’s listed investment vehicle, invested in both Funds IV and V, according to PEI data.

Hollyport was founded in 2006 and employs 18 staff, according to its website.