Landmark collects $1.41bn for Fund XV

Landmark Partners has collected $1.41 billion for its fifteenth secondaries fund, according to documents filed with the US Securities and Exchange Commission Wednesday.

Landmark Equity Partners Fund XV launched in 2012 and is seeking $2.5 billion, according to Private Equity International’s Research and Analytics division. The fund has received a $100 million commitment from the New Mexico State Investment Council and a $60 million commitment from the Ohio Police & Fire Pension Fund, which previously invested in Landmark funds XI, XIII and XIV, according to PEI data.

Credit Suisse will receive sales compensation from the fund, according to the SEC documents.

Landmark declined to comment.

Landmark Fund XIV closed on about $2 billion in 2010. The fund had invested in 34 US and European secondary transactions and was generating a net internal rate of return of 19.5 percent as of 30 June, according to a memo for the Board of Trustees of the Fresno County Employees’ Retirement Association, which committed $40 million to Fund XIV.

Landmark’s private equity practice is led by managing partner and chief executive officer Francisco Borges and president Timothy Haviland. Last June, Landmark hired Barry Miller, former head of private equity at the New York City Retirement System, as a partner at the firm. NYCERS committed $75 million to Landmark’s Fund XV last year, according to documents from the pension’s October board meeting.

Connecticut-based Landmark invests in secondaries interests in the US, Europe, the Middle East, Latin America and the Pacific Rim. The firm has raised more than $6.8 billion of total committed capital since 1990, according to its website.