Permal Capital Management has held a second closing on its Permal Private Equity Opportunities V, raising a total of $305.5 million, according to a recent regulatory filing with the Securities and Exchange Commission.
The firm is targeting $450 million for its latest secondaries fund, which has a $500 million hard-cap. The GP also plans to commit an additional $5 million to the fund, which has a 1.25 percent management fee.
The firm’s previous fund was Permal Private Equity Opportunities IV, which launched in 2010 and closed with $403 million, ahead of its initial $350 million target. The fund’s net internal rate of return is currently 24.1 percent.
Earlier this year, Dallas-Fort Worth International Airport Retirement System committed $10 million to the fund, according to June board minutes from the pension. Permal held a first close on Permal Private Equity Opportunities V a year ago with $178 million, according to a Securities and Exchange Commission filing.
The Boston-based firm will invest the new fund in secondaries interests in buyout and venture capital funds. It is led by president and chief executive office Red Barrett.
Louisiana Municipal Police Employees’ Retirement System considered committing to Permal Private Equity Opportunities V in June as its first investment in a secondaries strategy, but instead ended up committing $15 million to Coller International Partners VII. Permal declined to comment.