New 2nd Capital has raised more than two-thirds of the target of its latest vehicle dedicated to mid-market complex deals.
Filings with the US Securities and Exchange Commission last week show New 2nd Capital Fund III has collected at least $457.1 million. Secondaries Investor understands Fund III is seeking north of $600 million and that the firm has also raised co-investment capital alongside the main vehicle.
Fund III launched in August last year, according to Secondaries Investor data.
This year, the New York-headquartered firm, which focuses on GP-leds, led a deal to give Centre Partners more time and capital to grow portfolio companies IMA Group and Sun Orchard, affiliate title Buyouts reported. That deal was worth between $300 million to $500 million.
Last year, the firm led a continuation fund involving Chicago’s Prospect Partners, which lifted the remaining assets out of a 2010-vintage fund named PP III Continuation Vehicle, as Secondaries Investor reported. Adams Street Partners and Abbott Capital Management also participated in that transaction.
New 2nd was founded by former AlpInvest Partners senior executive Tjarko Hektor in 2016. The firm counts former AlpInvest, Coller Capital and Top Tier Capital Partners professionals among its team.
Its sophomore fund was almost twice the size of its debut vehicle, with New 2nd Capital Fund II holding final close on $572 million in 2021, Secondaries Investor shows.
A spokesperson for New 2nd declined to comment.