LGT exceeds target on flagship secondaries fund

LGT Capital Partners has surpassed the target on its flagship secondaries fund after around 15 months in market.

The Pfäffikon, Switzerland-headquartered alternatives manager has collected $4.4 billion for Crown Global Secondaries V, according to a filing for a master vehicle with the US Securities and Exchange Commission.

It is not clear if this is the final close and LGT did not respond to a request for comment.

Secondaries Investor reported in February last year that Crown Global Secondaries V was in market targeting $3.8 billion. Limited partners to have backed the fund include Cathay Life Insurance, which committed $50 million, and China Life Insurance Company (Taiwan), which committed $30 million.

Its predecessor Fund IV closed on its $2.8 billion hard-cap in 2018. The fund was 95 percent committed by the end of 2019, having invested $2.4 billion across 83 secondaries transactions and $134.8 million in 20 primary funds, according to its annual report. Buyout funds accounted for 78 percent of assets acquired by Fund IV, with venture capital and growth making up most of the remainder.

The Crown Global series of funds targets long-term capital appreciation from a highly diversified portfolio of private equity investments. In November, LGT raised $1.26 billion for Crown Secondaries Special Opportunities II, which focuses solely on more concentrated GP-led opportunities.

The firm has been active in Asia over the past 12 months, leading a $500 million preferred equity deal involving Temasek subsidiary Vertex Holdings and acting alongside HarbourVest Partners on a $600 million yuan-to-dollar restructuring centred around Chinese general partner IDG Capital.

Secondaries funds that held final closes last year raised $95.6 billion, exceeding all previous full-year totals, Secondaries Investor data show.