Fundraising

The French fund of funds platform – a captive of insurance group Allianz – has garnered €315m for Fund V and hopes for a final close by the end of the year.

The $11.5bn pension is facing a 'severe' liquidity crisis and is looking to credit opportunities to provide much-needed cash flow.

The Boston-based fund of funds and secondaries firm has held a final close on Dover Street VII, the global secondaries fund that earlier this year backed Lehman Brothers’ venture spin out.

The Blackstone spin-out has already held a first close on its second fund to focus on direct venture capital secondaries. It recently acquired stakes in nine new companies including Facebook, Zappos and eHarmony.

The bank’s Alternative Investment Partners division will target buyout funds in North America and Western Europe, global venture and global special situations funds.

GS Vintage Fund V will focus on LP private equity interests and providing liquidity to LPs and GPs around the world, focusing on deals ranging in size from $1m to $1bn.

The San Francisco-based secondary specialist estimates some $5bn in venture secondary assets are up for grabs.

The London-listed private equity giant is trying to sell some of its European venture capital portfolio in an attempt to reduce its debt load.

Other than this secondaries play, the $2.3bn pension may commit no further capital to private equity GPs this year as it struggles with a 'cash flow crunch'.

The Washington, DC-based mega-firm has already made investments from Carlyle Mezzanine Partners II and bought some mezzanine investments on the secondaries market.