Hollyport Capital is in market with its latest fund, targeting 50 percent more than it raised for its predecessor.
The London-headquartered tail-end secondaries specialist is targeting at least $750 million for Hollyport Secondary Opportunities VII, according to two sources with knowledge of the fundraising.
The hard-cap is not clear.
It is expected to hold its final close in the second half of this year, according to one of the sources.
Fund VII was registered with the Jersey Financial Services Commission on 7 January.
Predecessor Fund VI hit its $500 million hard-cap in 2017 after around eight months in market, as Secondaries Investor reported. It was the first of the firm’s funds to be denominated in dollars rather than pound sterling.
Investors include ICG Enterprise Trust, the London-listed arm of Intermediate Capital Group, according to the trust’s annual report.
Hollyport opened a New York office in the second half of last year, as Secondaries Investor reported. It is led by vice-principal James Jupp.
The firm buys mature fund stakes, highly diversified by type, manager and geography. In August it picked up a portfolio of private equity stakes from Pantheon’s 2002- and 2004-vintage fund of funds, and its 2003-vintage secondaries fund.
In June it backed the restructuring of Fenway Partners’ 1998-vintage fund, after two previous attempts with different backers failed.
Hollyport declined to comment on fundraising.