Landmark collects $500m for infra, eyes next PE fund launch – exclusive

Details of the private equity and real estate secondaries specialist's funds were revealed in a letter to LPs obtained by Secondaries Investor.

Landmark Partners has made headway with its second real assets secondaries fund as it prepares to launch its next flagship private equity vehicle.

The Simsbury, Connecticut-headquartered firm has collected $500 million to date for Landmark Infrastructure Partners II, which is still in fundraising mode, according to a letter to limited partners dated 5 September by chairman Francisco Borges and president Timothy Haviland, seen by Secondaries Investor.

Infrastructure II has already begun deploying capital, the letter states. The fund’s target is undisclosed.

The letter adds that Landmark has already deployed more than 80 percent of the capital for its flagship Landmark Equity Partners XVI and that the firm plans to speak with investors about Landmark Equity Partners XVII “in the months ahead”.

The firm launched its second real assets fund last year and received a $250 million commitment from North Carolina Department of State Treasurer, according to documents prepared for the US pension’s 17 May 2018 investment management division meeting.

Landmark Equity Partners XVI held its final close in September last year and raised $7 billion including co-investment vehicles, according to Secondaries Investor data.

On Friday Secondaries Investor reported that Ian Charles, a 13-year veteran of the firm, was leaving to start his own venture.

Landmark ranked fourth in this year’s SI 30 list of the biggest fundraisers over the last five years. The firm raised $17.9 billion between January 2014 and June 2019, ahead of Goldman Sachs Asset Management and behind Blackstone’s Strategic Partners.

A spokesman for Landmark did not return a request for comment by press time.