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Pomona puts Fund VIII to work

The $1.75bn fund has been making strong progress since raising $400m more than its target.

Pomona Capital’s eighth fund has deployed around $437.5 million, roughly 25 percent of its total capital, according to a source close to the fund.

Pomona launched the fund in 2012 and had collected about $1.14 billion as of last October.

Limited partners in Fund VIII include pension funds, sovereign wealth funds, financial institutions, endowments, foundations and family offices from more than 25 countries, according to a statement from the firm. Fund VIII seeks to purchase interests in high-quality private equity funds, as well as portfolios of private equity companies.

Last month, Secondaries Investor revealed Pomona had bought four LP interests for over $130 million, including Cinven Fund III & IV and Clayton Dubilier & Rice Funds VII & VIII from New Mexico State Investment Council (NMSIC).

NMSIC’s combined NAV for the four funds as of last June was $136.2 million. The sale was won at auction, with Pomona’s Fund VIII the eventual winner at pricing above par, according to two market sources.

Pomona was founded in 1994 and manages about $6.9 billion across its secondaries, fund of funds and co-investment vehicles, according to PEI data.

Pomona declined to comment.