Landmark Partners has crossed the halfway point on its latest secondaries fundraise, around 17 months after the vehicle launched.

According to filings with the US Securities and Exchange Commission, the main onshore vehicle of Landmark Private Equity Fund XVI has raised $2.42 billion from 85 investors. It is seeking $4 billion, with a hard-cap of $4.7 billion, Secondaries Investor reported.

A total of $290.1 million was raised through a Cayman Islands-domiciled offshore fund, according to another filing. An associated co-investment and executive vehicle has also been registered.

It is unclear how much Simsbury, Connecticut-based Landmark has raised in total for the programme so far.

MVision Private Equity Advisors, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Global Alternative Investment Services are listed as US-based placement agents. Seoul-headquartered KB Investment and Securities, Santiago-based LarrainVial Investment and WAI Alternative Investments of Zurich are also working on the fundraise.

Sales commission and finder’s fees amount to $987,138 so far, according to the filing.

Landmark Partners expects to hold a final close on the fund in the first quarter of May, according to Aidan Riordan, head of affiliate management at parent company Old Mutual Asset Management, speaking on a third-quarter earnings call on 2 November.

In a presentation at the New Mexico State Investment Council meeting in October 2016, chairman and chief executive of Landmark Partners Francisco 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.

Last week the firm surpassed the $2 billion target on its eight real estate secondaries fund after around 14 months in the market.