Permal Capital Management has beaten its target to hold the final close on its fifth dedicated secondaries fund after two years of fundraising.
The Boston-headquartered a fund of funds manager amassed $465 million for Permal Private Equity Opportunities V (PPEO V). The fund launched in October 2014 with a $450 million target and a $500 million hard-cap, according to PEI data.
PPEO V will follow a similar strategy to its predecessors in seeking opportunities in the smaller end of the secondaries market. The fund will target single interests and smaller portfolios globally, and may invest in direct secondaries and structured deals.
The fund received commitments from pension plans, healthcare institutions, foundations, endowments, family offices and high net worth individuals. These include Ohio Public Employees Retirement System, which committed $150 million, and Houston Firefighters’ Relief and Retirement Fund, according to PEI data.
The vehicle held a first close last November on $305.5 million and has a 1.25 percent management fee, as Secondaries Investor previously reported.
PPEO V’s predecessor, Permal Private Equity Opportunities IV, is a 2011-vintage vehicle that closed on $403 million and is fully invested, according to PEI data.
In July, the firm poached John Cancellieri, who joined its Boston office as a principal from SL Capital Partners, to focus on secondaries, primaries and co-investments.
Permal manages $2.4 billion in assets, of which $1.7 billion is for secondaries. The firm was established in 1994 and employs 19 professionals, according to its website.