San Antonio Fire & Police Pension Fund has backed Landmark Partners‘ latest private equity secondaries fund with a $20 million commitment.
The Texas pension’s investment committee approved the investment in Landmark Equity Partners XVI on 20 July, according to minutes from the meeting. San Antonio had previously committed $15 million to the 2013-vintage $3.3 billion predecessor, according to PEI data.
Landmark wants to raise $4 billion for Private Equity Secondaries Fund XVI, which has a hard-cap of $4.7 billion, Secondaries Investor reported in November.
The fund will look to invest in proprietary deals in order to secure better pricing, according to a presentation at a New Mexico State Investment Council meeting last October. “For us, it’s better to identify a seller before they decide to be a seller,” Landmark’s chairman and chief executive Francisco Borges said at the meeting.
Fund XVI will invest globally with a focus on the US and Europe, the same strategy as its recent predecessors. Landmark’s GP commitment is 1 percent, minutes from the New Mexico SIC meeting revealed.
Other investors in Fund XVI include Employees’ Retirement System of the State of Hawaii with $100 million and Employees Retirement System of Texas with $87.50 million, according to PEI data.
Landmark XV had achieved a multiple of 1.17x and internal rate of return of 11.3 percent as of February 2017, according to data from New Mexico SIC.
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