Small- and mid-market secondaries specialist Kline Hill Partners has hit a final close on its latest secondaries fund, collecting nearly double the amount raised for its debut vehicle.
According to filings with the Securities and Exchange Commission, Kline Hill Partners Fund II has hit its $350 million hard-cap through one onshore and one offshore vehicle. The firm did not use a placement agent.
Mike Bego, managing partner of the Greenwich, Connecticut-headquartered firm, confirmed the final close.
He added that around half of investors in the fund are charitable organisations and that a small proportion of the fund has already been invested.
Fund II launched in September 2017 with a target of $300 million, Secondaries Investor reported. The fund can also make opportunistic co-investments.
Its predecessor Kline Hill Partners Fund I closed on $183 million in January 2017, exceeding its target of $120 million, according to data from PEI. It was in the market for just over year.
The fund was around 75 percent invested as of August, Secondaries Investor reported.
Kline Hill focuses on secondaries acquisitions including those with smaller or more fragmented asset pools. It buys interests in buyout and venture funds, as well as energy, real estate, and other private funds.
In May 2017 it partnered with secondaries firm Newbury Partners to buy stakes in the Euro Choice III and Euro Choice IV funds of funds managed by Akina Partners, which has since become part of Unigestion.