Pomona breaks through Fund VIII target

Pomona Capital has closed its eighth fund on $1.75bn, surpassing its $1.3bn target. It launched the fund in 2012 and had collected about $1.14bn by Oct 2013.

Secondaries manager Pomona Capital has closed its Fund VIII on $1.75 billion, $400 million over its target.

The fund was substantially oversubscribed and had hit its hard-cap, with LPs in the fund consisting of pension funds, sovereign wealth funds, financial institutions, endowments, foundations and family offices from over 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, the statement said.

Pomona chief executive officer Michael Granoff said Fund VIII continued a differentiated middle-market strategy in secondaries that it had followed since its inception in 1994.

“Our approach resonates with investors who recognise the long-term attractiveness of private equity but are concerned about risk,” said Granoff.

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

Other secondaries funds have also found success in the current market environment. Blackstone recently announced the $1.5 billion first close of its first secondaries fund since acquiring the secondaries group from Credit Suisse.

France-based Idinvest Partners also announced the final close for its Secondary Fund II (ISF II) at €214m, closing above its original target of €200m. Both Blackstone and Idinvest closed this month.

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


Reporting by Bailey McCann