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.
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