The listed firm, which is on the fundraising trail for its continuation fund business, seeks to address the 'enormous' demand for capital for GP-leds, says co-CEO Doug Ostrover.
Carlo Pirzio-Biroli, managing partner and chief executive of the secondaries firm, says it is easier to attract investors who want to write larger tickets – a difficult proposition with smaller funds.
Joe Carrabes has joined the investment firm as it seeks capital for at least two real assets strategies.
The transaction comes at a time when the opportunity set for real estate secondaries investing is shifting.
GP-led deals, which once dominated volume, have taken a back seat to LP portfolio sales, which represented the majority of transactions in the first half of the year.
Secondaries Investor reported in February that Glendower Capital Secondary Opportunities Fund V was expected to close over the summer.
The large minority transaction is a rare example of a GP stakes purchase via a non-dedicated fund.
The total amount raised between January and June eclipses all of 2019 when just $36.9bn was collected in final closes.
The advisory firm and placement agent now has more than 60 secondaries-focused professionals globally.
The process is part of a surge of LP portfolios that have hit the market this year as institutions look for ways to generate liquidity and rebalance their exposure to the asset class.
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