LGT Capital Partners, the Switzerland-headquartered asset manager, published the latest annual results of its 2016-vintage Crown Global Secondaries IV fund in late April.
Below are five charts detailing the makeup of the €2.8 billion secondaries fund, which began investing in January last year.
CGS IV invested $703 million of investor capital by the end of last year, comprising $646 million of secondaries investments and $56.3 million of primary commitments. The fund made use of four short-term loans from Wells Fargo Bank totalling $200 million to fund investment commitments.
Like its 2012-vintage predecessor, the €1.9 billion CGS III, buyout funds account for more than 70 percent of the assets that CGS IV has acquired. Growth capital funds account for 20 percent of investments, compared with just 6 percent for its predecessor.
The assets acquired so far by CGS IV cover every vintage from 2005 to the present, except 2012. Crisis era funds make up a significant proportion, with 2008 the third-most commonly found vintage. For Fund III, by the end of the commitment period, 2007, 2015 and 2016 were the most well represented years, accounting for 14 percent, 12 percent and 12 percent, respectively.
The assets that make up CGS IV have a strong emerging markets flavour, with India and China accounting for 30 percent of total assets by geography. The figure for CGS III is 15 percent. The US comes out on top and accounts for around the same proportion as it did in the last fund, 31 percent versus 32 percent.
Information technology companies make up nearly one quarter of assets acquired by CGS IV, up from 14 percent for CGS III, while consumer discretionary stands at 16 percent, compared with 24 percent for CGS III. Healthcare features more strongly so far than it did in CGS III, where it accounts for 10 percent.