Landmark raises $224m for Fund XVI

The amount has been raised in five months.

Landmark Equity Partners XVI has raised $223.5 million so far, according to a 10 May fundraising update filed with the Securities and Exchange Committee.

The date of first sale was 27 April, the filing reveals. Landmark filed the Form D on 19 December 2016.

Merrill Lynch, Pierce, Fenner & Smith acted as a placement agent, receiving $5.59 million in sales commissions and finder’s fees.

Investors include the Employees’ Retirement System of the State of Hawaii ($100 million) and Employee Retirement System of Texas ($87.5 million), according to PEI data. The minimum investment is listed on the filing as $100,000.

In a presentation at the New Mexico State Investment Council meeting in October 2016, chairman and chief executive of Landmark Partners, Francisco Borges, revealed that he was hoping to raise $4 billion with Fund XVI, Secondaries Investor reported at the time. He said the hard-cap of $4.7 billion.

In the same meeting Borges said that Landmark prefers to invest in proprietary deals or what it calls “negotiated transactions” because it can achieve a better price. “For us, it’s better to identify a seller before they decide to be a seller.”

Fund XVI will invest globally with a focus on the US and Europe, the same strategy as its recent predecessors. Landmark’s GP commitment is the customary 1 percent, minutes of the meeting revealed.

The 2013-vintage Landmark Equity Partners XV, which closed in January 2015, raised $3.25 billion, exceeding its $2.5 billion target. Investors in the fund include Connecticut Retirement Plan and Trust Funds ($100 million), Maryland State Retirement and Pension System ($150 million) and New York State Common Retirement Fund ($200 million). The Employee Retirement System of Texas also invested in Fund XV, contributing $100 million.

Fund XV had net IRR of 16.5 percent as of 31 March 2016, according to the minutes from the New Mexico meeting.