LGT collects $2.5bn for fourth global fund – exclusive

LGT Capital Partners has hit the target for its latest dedicated secondaries fund, Secondaries Investor has learned.

The Switzerland-based manager has raised $2.5 billion for Crown Global Secondaries IV, according to a source familiar with the fundraising. The fund’s hard-cap is $2.8 billion and the firm has yet to hold the final close, the source said.

It is understood the firm will finish investing the 2012-vintage Crown Global Secondaries III before beginning to deploy Crown IV. Crown III closed above its $1.5 billion target on $2 billion in February 2013, according to PEI data.

Crown Global Secondaries IV launched in June 2015 and attracted a $200 million re-up from Employees Retirement System of Texas, according to PEI data. Texas ERS also committed $100 million this year to a vehicle named Crown Secondaries Special Opportunities, although further details about this fund were unclear.

LGT‘s fourth dedicated secondaries fund will be allowed to invest as much as 20 percent in stapled deals, up from 15 percent in its predecessor fund, as Secondaries Investor reported in September last year.

The firm was ranked ninth in Secondaries Investor‘s Si 30 list of the biggest fundraisers and has amassed more than $6.4 billion over the last five years for secondaries.

LGT is owned by the Princes of Liechtenstein and has $50 billion in assets under management. The firm has offices in nine global locations in addition to its headquarters.

LGT declined to comment.