Montana doubles up for fourth fund

The niche secondaries firm has hit the €800m hard-cap on its latest fund, two months after Secondaries Investor revealed it had passed the €650m mark.

Niche secondaries firm Montana Capital Partners has hit the hard-cap on its latest fund, doubling the amount raised for its predecessor.

mcp Opportunity Secondary Program IV has hit final close on €800 million, according to a statement from the firm, two months after Secondaries Investor revealed that it had passed the €650 million mark.

The fund has been in the market for five months and was highly oversubscribed, according to the statement.

OSP IV is backed by 25 investors including sovereign wealth funds, pension funds, insurance companies, family offices and foundations from Europe, Asia, the Middle East and US.

Montana’s GP commitment is at least 2 percent, the statement notes.

Predecessor OSP III hit a first and final close on its €400 million hard-cap in September 2015 after 10 weeks in market, Secondaries Investor reported.

Investors in the fund include AP Fonden 3 and the London Pensions Fund Authority, according to PEI data.

Baar, Switzerland-headquartered Montana was founded in 2011 by two former Capital Dynamics executives, Marco Wulff and Christian Diller. The firm focuses on small and complex secondaries transactions with an emphasis on proprietary deals.

In February, it backed the management buyout of troubled Italian bank Banca Popolare di Vicenza‘s private equity business Nem, Secondaries Investor reported.

The firm has closed 70 transactions over the past five years, according to the statement announcing the fund close.