Hollyport Capital, the London-based firm that focuses on tail-end fund stakes, has launched its fifth dedicated secondaries fund and is seeking to double the size of its previous fund amid rising opportunities for niche deals and secondary direct investments.
Hollyport Secondary Opportunities V is targeting £150 million ($234 million; €213 million) a spokesperson told Secondaries Investor. The fund, which is expected to close later this year, aims to acquire 30 to 40 portfolios of diversified legacy assets, limited partner stakes and direct investments across all private equity strategies and regions, the spokesperson said.
The size of Hollyport’s funds have doubled with each launch since the firm began fundraising in 2007.
About 75 percent of its Hollyport Secondary Opportunities IV, which closed in 2013 at its £75 million hard-cap, has been called, according to the spokesperson. About £50 million of the fund was deployed in 14 transactions last year, five of which were made in the fourth quarter alone, Secondaries Investor reported in January. Those transactions include more than 100 interests in tail-end US and Western European private equity funds and one direct secondaries deal.
In April, Hollyport hired Lama Al-Masri as an associate responsible for deal origination and investor relations, Secondaries Investor previously reported.
Investors in the firm’s previous funds include Graphite Capital, as well as European high net worth individuals and some institutions.
In January, the firm purchased stakes in Elderstreet Capital Partners, a 1999-vintage £57 million fund, and Equistone Partners’ 2002-vintage €1.25 billion Europe Fund I. The two fund interests were part of a portfolio sold to Hollyport by mid-market Parisian firm Fondinvest, Secondaries Investor previously reported.
Formed in 2006, Hollyport acquires tail-end portfolios of mature private equity assets in the secondary market, and seeks investment from institutions, family offices, endowments and sophisticated high net worth individuals, according to its website.