PineBridge Investments has held a first close on its latest secondaries fund.
PineBridge Secondary Partners IV has accrued $241.9 million, according to a US Securities Exchange Commission filing. The fund has been in the market since July 2016, the filing revealed. No placement agent was used.
According to PEI data, the fund will invest in secondaries opportunities on a global basis.
PineBridge’s last secondaries vehicle, PineBridge Secondary Partners Fund III, held its final close in February 2015 on $307 million, below its target of $500 million. The fund initially launched with a target of $1.3 billion, but that was reduced by 60 percent in June 2013, Secondaries Investor reported at the time.
Loyola University of Chicago is one of the investors in Fund III, according to PEI data.
In October 2015 the fund acquired two stakes in Lion Capital Fund II from Casa Grande de Cartagena, the family office of Rafael del Pino, the billionaire founder of Spanish conglomerate Grupo Ferrovial. Lion Capital Fund II is a €2 billion consumer goods-focused buyout fund that closed in February 2008 after 12 months of fundraising, according to PEI data.
PineBridge has around $9.6 billion in alternatives assets under management, according to the firm’s website. Around $4.3 billion of this is in primary and secondaries private funds, with the remainder in direct investments. The firm’s funds target emerging and frontier markets as well as developed markets.