LGT secures more than $3bn for its latest secondaries flagship

LGT Capital Partners has raised more than $3 billion for its latest secondaries flagship, which is already well over half the size of its predecessor.

The Switzerland-headquartered manager has so far secured $3.26 billion for Crown Global Secondaries VI, according to a filing with the Securities and Exchange Commission. The firm launched the vehicle a year ago, according to Secondaries Investor data.

Its predecessor closed in May 2021 on its $4.5 billion hard-cap ahead of its $3.8 billion target, Secondaries Investor data shows. Investors in the fund include Cathay Life Insurance, Fondazione CR Firenze and Kern County Employees Retirement Association.

LGT declined to comment on the fundraising.

LGT Capital is also out with Crown Secondaries Special Opportunities III, which has raised $2.07 billion since launching in December 2021, according to Secondaries Investor data. The strategy’s predecessor, which focuses on single and concentrated asset deals, closed on $1.57 billion in May 2021.

LGT took the lead on Triton Partners’ sizeable multi-asset continuation fund process alongside HarbourVest Partners, Secondaries Investor reported in March, which was later confirmed by the firm in a statement. Triton moved four assets – Assemblin, Unica, Flokk and EQOS Energie – from its 2013-vintage Fund IV in a €1.63 billion of transaction.

Capital raised in final closes for secondaries strategies across all asset classes between January and June rose to $37.2 billion, according to Secondaries Investor data. This marks a 29 percent jump on the same period last year and is roughly in line with the amount raised in H1 2021.

The total amount raised during the period eclipses all of 2019, when just $36.9 billion raised.

Capital is going into fewer hands, with 16 vehicles taking all the capital in the first half of the year. In full calendar year 2022, a total of 61 funds held a final close, and 86 the year prior.