HQ Capital closes flagship fund on $503m

This is the second secondaries fund that HQ has closed in recent weeks, with Auda Asian Secondary Fund raising $250m.

HQ Capital has hit final close on its fourth flagship secondaries fund, a week after wrapping up an Asia-focused vehicle.

The New York-headquartered firm collected $503 million for Auda Secondary Fund IV, above its target of $450 million, according to a statement. The fund was oversubscribed, with interest from new and existing investors.

HQ Capital also confirmed the final close of Auda Asia Secondary Fund. The fund hit its hard-cap of $250 million, as Secondaries Investor reported on Tuesday. AASF has received $79 million of capital from ASF IV and Auda Asia IV, a 2015-vintage fund of funds vehicle, the statement noted.

Both funds will target small and mid-sized transactions ranging from $10 million and $20 million in value. The funds can purchase LP stakes in buyout, growth and VC funds, among other strategies, and back complex secondaries transactions. The funds have closed a combined 25 deals worth approximately $230 million in committed capital.

ASF IV hit first close in December 2015, AASF in April 2016, according to PEI data.

HQ Group acquired fund of funds manager Auda International in 2015. It merged its real estate and buyout arms with the acquired entity, creating HQ Capital. Auda was founded in 1989 as the US investment arm of the Harald Quandt family foundation, a German industrial investor.

The firm has 140 employees and manages $11.3 billion in total assets from 10 offices in North America, Europe and Asia.

Article changed to reflect revised dates of first close for both funds.