PineBridge raises $130m for secondaries

The firm is seeking $500m for Fund III, which originally had a $1.3bn target.

PineBridge Investments has collected $130 million for its third secondaries fund, according to documents filed with the US Securities and Exchange Commission Tuesday.

In June, PineBridge slashed Fund III’s target by more than 60 percent, according to Private Equity International’s Research and Analytics division, cutting the original target from $1.3 billion to $500 million.

PineBridge declined to comment.

PineBridge’s secondaries team has experienced major changes in the past year, including losing its chief, Harvey Lambert, and a senior executive, Kennon Koay, both in December, PEI disclosed.

Another executive, Pablo Calo, former head of European secondaries, joined Blackstone’s Park Hill Group as a managing principal in May.

Rhonda Ryan, former head of European private investments and Kristina Matthews, managing director for Central and Eastern Europe investments, both left the firm last year, PEI previously disclosed.

PineBridge has “re-integrated” its primary and secondaries teams. As of January, both teams are led by Steven Costabile, who previously managed the firm’s primary funds.

The firm has since appointed a chief investment officer for its Middle East, North Africa and Turkey team and has expanded its global sales team with two hires, according to statements from the firm.

PineBridge Secondary Partners II, a 2007 vintage, closed on $718.8 million and is fully invested, according to PEI data. Swiss corporate pension system Schindler Pensionskasse committed to the fund.

PineBridge commits more than $16 billion to private equity, according to its website. About $1 billion of the private equity portfolio is allocated to secondary funds.