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LGT raises $1bn-plus for GP-leds

The alternatives manager is raising the Special Opportunities fund alongside its flagship secondaries vehicle, which is targeting $3.75bn.

LGT Capital Partners has raised a substantial special opportunities secondaries fund while fundraising for its flagship vehicle continues.

The Pfäffikon, Switzerland-headquartered alternatives manager has collected $1.26 billion for Crown Secondaries Special Opportunities II from 151 investors, according to two separate filings with the US Securities and Exchange Commission.

It is unclear whether this is a final close.

LGT’s special opportunities funds focus on “more complex” GP-led deals such as spin-outs and single-asset restructurings, according to a source familiar with the matter. The firm did not respond to a request for comment about its strategy.

Among the LPs in the fund is Employees Retirement System of Texas, which committed $100 million, according to Secondaries Investor data.

In February Secondaries Investor reported that LGT was in market targeting $3.75 billion for Crown Global Secondaries V, its latest flagship secondaries fund.

Cathay Life Insurance and China Life Insurance Company (Taiwan) are among the investors in the fund, having committed $50 million and $30 million respectively, according to Secondaries Investor data.

Deals that LGT has backed in 2020 include a $600 million yuan-to-dollar restructuring involving Beijing-headquartered manager IDG Capital, a €200 million restructuring on a 2011-vintage biotech fund managed by Medicxi, and a stapled deal involving Danish firm Via Equity.

The asset manager, owned by the Princely House of Liechtenstein, has $65 billion in assets under management, according to its website.