Kline Hill closes debut fund on $180m

The firm will focus on the smaller end of the market, paying single-digit millions for stakes.

Kline Hill Partners has held the final close of its debut secondaries fund on its hard-cap of $180 million, exceeding the $120 million target fund size.

Secondaries Investor revealed in August that the firm had reached the hard-cap on Kline Hill Partners Fund and was preparing a final close after less than a year in market.

“We are excited to focus on the smaller end of the private equity secondary market and build a firm dedicated to working with sellers of all types, including those with smaller or more fragmented asset pools, while delivering value for our clients,” managing partner Michael Bego said.

Kline Hill focuses on single-digit million deals. The firm said the fund will acquire interests primarily in buyout, growth equity, and venture capital limited partnerships and will also consider stakes in real estate, energy and private credit funds as well as make secondaries purchases directly in private equity or venture-backed companies.

The Connecticut-based firm was founded in 2015 by Bego and Jared Barlow. Bego was formerly a parter at secondaries specialist Willowridge Partners and Barlow previously ran investment boutique Sweetwater Capital which he founded after leaving Partners Group.

The fund’s investor base includes 80 limited partners, including US and international foundations, endowments, family offices, and other private markets investors.