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PineBridge raises $880m for portfolio deal

The vehicle's close comes two months after Secondaries Investor reported the firm and Ardian were the buyers of a portfolio from American International Group.

PineBridge Investments has raised a fund to acquire a portfolio of buyout stakes, two months after Secondaries Investor reported the firm and Ardian were the buyers of a portfolio from American International Group.

PineBridge Secondary Opportunity Partners held a first and final close in mid-October on $880 million after five months of fundraising, according to a statement from the firm.  The fund will be used to acquire a portfolio consisting primarily of US mid-market buyout funds with some global funds.

The aim is to give investors access to a global, diversified private equity portfolio through a one-time purchase, the statement says. Asia, Europe, the Middle East and the Americas are represented in the LP base.

According to a filing with the US Securities and Exchange Commission, there are five investors in the fund.

PineBridge did not name the seller of the portfolio in the statement.

Protección, Colombia’s second-largest public pension, is a limited partner in the fund, according a source familiar with the matter.

Secondary Opportunity Partners will give it exposure to 260 funds and 1,200 underlying companies. Protección allowed its customers to invest in the fund via a special purpose vehicle with a minimum investment of $100,000. The fund’s life is five years, according to a report by Colombian business publication Valora Analitik.

In August Secondaries Investor reported that PineBridge and Ardian had bought a portfolio of private markets stakes offloaded by AIG. The insurance giant began looking for buyers for the portfolio worth around $2.3 billion in the first half of the year.

PineBridge held the final close in March on its fourth dedicated secondaries fund after around 21 months of fundraising. The firm amassed $568 million for PineBridge Secondary Partners IV, above its $500 million target.

The firm was part of the asset management and investment advisory arm of AIG and was sold to Hong Kong-based Pacific Century Group in 2010 in a deal worth at least $277 million.