The portfolio was owned by the German Max Planck Foundation and is made up of three European fund stakes including an interest in the UK's NorthEdge Capital Fund I.
With strong liquidity and subdued regulatory pressure on LPs to reduce private equity exposure, today’s sellers are predominantly using the secondaries market to re-balance portfolios, explains Landmark's Ian Charles.
The target for Axiom Asia IV is still undisclosed but the Singapore-based firm’s previous vehicle sped towards its $1.15bn final close in just four months.
Secondaries fundraising saw the third biggest year-on-year growth in 2014, beating buyout and real estate, according to a Bain & Company report.
Investments held for more than four years will remain subject to capital gains tax treatment.
The VC firm, backed by American investor Tim Draper, will use proceeds from the IPO to buy out investors from one of its funds.
Singapore's $344bn sovereign wealth fund hired a former Pantheon exec in October and is seeking a secondaries professional for its Singapore office.
The fund of funds manager, which also invests in secondaries, expects global growth across all markets in the coming months to be lower, says Hamilton Lane chief investment officer Erik Hirsch.
The wholly owned subsidiary of Northern Trust, which launched earlier this year, purchased the fund interest from Brown Brothers Harriman.
The secondaries firm has raised €154m for its European Secondary Development Fund V. Swedish pension AP Fonden 3 is a returning investor.
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