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PineBridge closes third secondaries fund on $308m

PineBridge Secondary Partners III had been targeting $500m.

Global asset manager PineBridge Investments has closed its third secondaries fund on $307.9 million, shy of its $500 million target, Secondaries Investor has learned.

The amount raised was revealed in documents filed with the US Securities and Exchange Commission on Thursday and a source familiar with the matter said the fund had closed.

PineBridge declined to comment.

PineBridge Secondary Partners III initially launched with a $1.3 billion target, but the target was reduced by 60 percent in June 2013. The fund had collected $130 million as of July 2013 and $188 million as of July 2014.

Paris-based speciality private equity advisor Triago will receive sales compensation for the fund, according to SEC documents. However, it is understood Triago hasn’t provided fundraising or other services to PineBridge over the past two years, a source with knowledge of the situation said.

Triago declined to comment.

Fund III will invest in global secondaries, including in emerging markets, where PineBridge expects to see increased deal flow. Still, the ratio of limited partners interested in emerging markets secondaries is roughly 30 percent to 70 percent, PineBridge head of private equity and managing director Steve Costabile previously told Secondaries Investor.

PineBridge’s secondaries team has shifted in recent years. At the end of 2012 the firm lost managing director Kennon Koay and head of secondaries Harvey Lambert. The team has since been led by Costabile.

Recently the firm hired former Newbury Partners co-founder Justin Pollack as a senior vice president.