The AXA spin-out is closing in on its €400m target.
The Rothschild Group subsidiary is expected to raise Fund IV soon.
More than $22bn was raised last year for private equity secondaries investment, according to PEI Research & Analytics.
The newly independent SwanCap has $450m left to spend of its freshly raised $1.2bn fund.
The Connecticut-based firm is targeting $2.5bn for the fund.
The firm’s Fund III had a $300m target and raised more than 60% of the capital from existing investors.
The fund of funds manager fell just shy of its $1bn target.
The firm is targeting €400m for the European fund of funds, 40% of which is earmarked for secondaries.
The firm is expected to close its third secondaries fund during the first quarter.
Backed by LPs including former parent Allianz, one-third of the fund has already been invested.
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