PineBridge holds interim secondaries fund close

The asset manager's predecessor fund raised $568m to invest in small- and medium-sized funds in developed and emerging markets.

PineBridge Investments has broken the back of fundraising on its latest flagship secondaries vehicle.

The asset manager has raised $350.42 million for PineBridge Secondary Partners V, according to a filing with the US Securities and Exchange Commission. Twenty-one investors have committed, four via a Luxembourg-registered special limited partnership vehicle, according to a second filing.

The target of the fund, which made its first sale in November last year, is not clear.

The 2017-vintage PineBridge Secondary Partners IV raised $568 million, against a target of $500 million, from investors including Loyola University of Chicago and Wildermuth Endowment Fund, according to Secondaries Investor data.

PineBridge targets small- to mid-sized deals in developed and emerging markets, Secondaries Investor reported in 2018.

The same year it raised an $880 million special opportunities fund to buy a portfolio of US mid-market and global buyout funds. This was part of a $2.3 billion portfolio offloaded by insurance giant AIG, the bulk of which Ardian acquired, Secondaries Investor reported.

PineBridge was part of the asset management and investment advisory arm of AIG until 2010 when it was sold to current owner Hong Kong-based Pacific Century Group. It has $104 billion in assets under management, according to Secondaries Investor data.

Secondaries funds that held final closes during the first three quarters of the year raised $59.7 billion, exceeding all full-year tallies on record, according to Secondaries Investor data.