LGT raises $268m for secondaries deals

LGT Capital Partners has held a $268 million first close on its second global secondaries fund, Crown Global Secondaries II.

Targeting $750 million in commitments, CGS II has already completed five deals, Ivan Vercoutere, an LGT partner, said in a statement. He noted the fund’s underlying portfolios represent investments in China, the US and Europe.

“These transactions have performed very well as we have been able to acquire high quality and well performing assets at very attractive prices,” Vercoutere said. ”The current environment plays to our strength of targeting less competitive mid-market transactions.”

Partner Tycho Sneyers added the fund will look to acquire assets “through smaller, less intermediated transactions”.

LGT noted it has been doing secondaries deals for more than a decade, during which it has invested $1.3 billion in unleveraged secondaries transactions, achieving a 25 percent net internal rate of return.

Since January 2007 the firm has closed on nearly €2 billion in commitments for various private equity funds, including an Asian fund of funds, which closed on $373 million in January, and a small European buyouts-focused fund of funds, which closed on €800 million in October 2008.

Headquartered in Pfaeffikon, Switzerland, LGT also has offices in New York, London, Dublin, Hong Kong and Tokyo.