LGT sets sight on fifth flagship fund – exclusive

LGT Capital Partners is seeking $1 billion more than its predecessor for its latest flagship secondaries fundraise.

The Pfäffikon, Switzerland-headquartered alternatives manager is targeting around $3.75 billion to $3.8 billion for Crown Global Secondaries V, according to two sources familiar with the matter. The vehicle was registered with the Irish regulator in November.

Predecessor Fund IV closed on its $2.8 billion hard-cap in July 2018, having reached a first close in January 2017, according to the vehicle’s half-year results announcement.

Investors in the fund included AP Fonden 6, Employees Retirement System of Texas and Finnish Local Government Pensions Institution, according to Secondaries Investor data. Fund V has already received commitments from Cathay Life Insurance, which invested $50 million.

According to the results announcement, Fund IV had invested 93.4 percent of its capital commitments across 63 secondaries transactions, including 18 primary investments and 35 stapled transactions, as of the end of June 2019. US funds account for 36 percent of the fund’s exposure with 10 percent to Greater China – Fund IV’s two largest single-country exposures.

This week Secondaries Investor reported that LGT was among the backers of a stapled deal involving Denmark’s VIA Equity. LGT had also joined Five Arrows and Montana Capital Partners in backing a GP-led deal that helped open Tikehau Capital’s asset base to third-party investors.

The asset manager, owned by the Princely House of Liechtenstein, has $60 billion in assets under management, according to its website.

LGT did not return a request for comment.