Hollyport Capital, a tail-end fund specialist, has held final close on its latest secondaries fund after five months of fundraising.
The London firm has raised £187.5 million ($285 million; €267 million) for Hollyport Secondary Opportunities V, beating its £150 million target, according to a statement from the firm. The fund will follow a strategy similar to its predecessors of acquiring parcels of mature private equity fund stakes.
“We have received exceptionally strong support from existing investors, and are also pleased to welcome a number of established institutional investors for whom Hollyport V represents their first commitment to Hollyport funds,” John Carter, Hollyport’s chief executive, said in the statement.
Hollyport V had a hard-cap of £175 million and its investor base also includes family offices, endowments and high net worth individuals, Carter told Secondaries Investor in August. The fund held a first close on £125 million that month.
Secondaries deal volume has been robust and the firm expects to complete several investments from Hollyport V before the end of the year, according to the statement. Hollyport has invested more than £80 million across 13 deals this year.
Hollyport has made five hires this year including two professionals in October. The firm has a strong pipeline of investment opportunities and made the recent hires to accommodate the increase in deal volume, according to the statement.
Tail-end strategies, such as Hollyport’s, were the best way to ensure the highest returns, according to a study by research provider PERACS.
Hollyport was formed in 2006 and manages five dedicated secondaries funds, according to PEI’s Research and Analytics division.