Pomona IX hits $1.8bn final close

The fund, which has been in market since March 2016, is mandated to invest in diverse, mature assets managed by high-quality managers, according to a statement.

Pomona Capital has announced the final close of its ninth dedicated secondaries fund after around two and a half years in the market.

Pomona Capital IX has raised $1.8 billion from limited partners including pension funds, sovereign wealth funds, financial institutions, endowments, foundations and family offices from nearly 20 countries, according to a statement from the firm. The fund was oversubscribed and has now been capped.

“Pomona Capital IX, like its eight predecessor funds, will execute a disciplined secondaries investing approach by seeking to buy high quality assets at better than market prices,” said chief executive Michael Granoff. He added that the firm will continue to prioritise “diverse, mature assets managed by leading private equity general partners”.

Pomona Capital IX was registered with the Securities and Exchange Commission in March 2016, Secondaries Investor reported at the time. The Form D noted a target of $1.75 billion.

The fund hit an $846 million close in April 2017, Secondaries Investor reported, having held a first close on almost half the target in November 2016.

Limited partners include Chicago Firemen Annuity & Benefit Fund, City of Tallahassee Pension Fund and Oklahoma Firefighters Pension & Retirement System, according to PEI data.

In April, Pomona Capital IX picked up a portfolio of stakes from the pension fund formed after the 2012 bankruptcy of camera giant The Eastman Kodak Company. Funds acquired include Bridgepoint Europe II, III and IV, and PAI Europe IV and V, Secondaries Investor revealed.