PineBridge holds final close on Fund IV

PineBridge Secondary Partners IV closed above its $500m target and will focus on small- to mid-sized globally diversified deals.

PineBridge Investments has held the final close on its fourth dedicated secondaries fund after around 21 months of fundraising.

The New York-headquartered private markets firm amassed $568 million for PineBridge Secondary Partners IV, above its $500 million target, according to a statement.

“Since the beginning of our secondary programme, we have benefited from our global platform in order to source small to mid-market transactions, while staying true to both our value orientation and disciplined underwriting approach for assessing risk and return,” said Steven Costabile, managing director and global head of PineBridge’s private funds group.

PSP IV will focus on small- to mid-sized, globally diversified transactions in developed and emerging markets, the statement said.

The fund’s investor base spans the Americas, Asia, Europe and the Middle East and includes pension plans, insurers, family offices and financial services organisations. LPs which have committed to the fund include US foundation Elise P Hunt Trust, according to PEI data.

TopCap Partners is listed as having advised on the fund, according to a Securities and Exchange Commission filing detailing the final close.

PineBridge’s predecessor secondaries vehicle, PineBridge Secondary Partners III, closed below its $500 million target on $308 million after around 20 months of fundraising, according to PEI data.

PineBridge had $85.3 billion in assets under management as of 31 December.