Montauk TriGuard returns with Fund VIII – exclusive

The West Coast niche secondaries firm ranked 29th in the latest SI 30 list of biggest fundraisers.

Montauk TriGuard has returned to market with its latest secondaries fund and is seeking $100 million more than its predecessor’s target, Secondaries Investor has learned.

The Irvine, California-headquartered firm is targeting $700 million for Montauk TriGuard Fund VIII, according to a source familiar with the matter. The firm raised $660 million for its 2016-vintage Fund VII, according to PEI data.

It is unclear whether the fund has a hard-cap.

Montauk’s investment strategy includes acquiring limited partner interests in secondaries funds, backing carve-out transactions and winding down past-term secondaries funds, according to its website. Its deals this year include buying Bridgepoint, BC Partners and DH Private Equity Partners stakes from Lexington Partners.

Investors who have previously committed to the firm’s funds include Ohio Police & Fire Pension Fund, American University of Beirut and Oklahoma State Regents For Higher Education, according to PEI data.

Montauk ranked 29th in Secondaries Investor‘s 2018 SI 30 ranking of the biggest fundraisers over the last five years, having raised $1.2 billion between January 2013 and June 2018.

At least 17 of the top 30 secondaries firms are in market or preparing to launch vehicles, as Secondaries Investor reported on Tuesday.

A spokesman for Montauk declined to comment.