Landmark closes PE secondaries fund on $3.25bn

Landmark Partners has closed its 15th private equity secondaries fund on $3.25 billion, according to a statement.

Landmark Equity Partners XV (LEP XV) was oversubscribed and surpassed its initial target of $2.5 billion. The 2013-vintage fund had collected $1.41 billion as of January 2014.

The fund held a final close on 24 December 2014, which sources had anticipated.

“We greatly appreciate the continued, strong support from many existing investors and welcome our new investors, which represent over a third of LEP XV’s funds raised,” chairman and managing partner Francisco Borges said in the statement.

Limited partners in the fund include the Detroit General Retirement System and Danish pension PKA AIP, according to PEI’s Research and Analytics division. The New Mexico State Investment Council also committed $100 million to the fund.

Kirkland & Ellis advised Landmark on the fundraise.

LEP XV will continue the same strategy as its predecessor vehicles by acquiring LP interests in existing private equity funds and interests in private companies.

About $1.8 billion of LEP XV’s capital has been invested. In July the fund acquired a stake in Candover 2005 from CDP Investissements, a wholly-owned subsidiary of Caisse de dépôt et placement du Québec.

The closing of LEP XV brings Landmark’s total committed capital to about $15 billion as of 31 December.