Pomona beats target for latest secondaries fund

Pomona X, which launched in 2020, is around 37% larger than its predecessor and the firm's first multi-billion dollar fund.

Pomona Capital has become the latest firm to raise a multi-billion secondaries fund with its 10th flagship vehicle.

The New York-headquartered firm has raised $2.42 billion for Pomona X, according to a filing with the US Securities and Exchange Commission dated Tuesday. The filing shows the fund has no more capital to raise.

It is unclear whether this represents a final close and a spokesperson for Pomona did not return a request for comment.

AXON Partners is listed as one of the placement agents helping to raise the fund, on the SEC filing.

Pomona X launched in 2020 with a $2 billion target, parent company Voya Financial noted in an earnings call in May of that year. The fund has attracted commitments from investors including Fubon Life Insurance, according to Secondaries Investor data.

The vehicle is 37 percent larger than its 2018-vintage predecessor, which took around two and a half years to reach final close, Secondaries Investor data shows.

Pomona has been making headlines for recent preferred equity transactions, including extending two preferred equity tranches worth a combined €160 million to Milan-headquartered buyout shop Aliante Partners, in the summer of last year.