Smallest fund in market holds first close

Traveller Capital Advisors is seeking around $25m for its third fund.

Traveller Capital Advisors, a secondaries firm focused on the smaller end of the market, has held a close on its latest fund.

The Dallas-based firm has raised $7.25 million for Traveller Capital III, according to a filing with the Securities and Exchange Commission dated 17 December. It has received the backing of 10 investors.

It is understood this is an interim close on the way to a target of around $25 million, the same amount sought by its predecessor, and that Fund III’s strategy will remain the same.

The firm declined to comment.

Traveller Capital III is the smallest secondaries fund in market of those whose targets are known, according to Secondaries Investor data.

Traveller writes tickets of less than $2 million for limited partner stakes in US-domiciled funds of at least five years of age, according to its website. It has acquired more than 50 LP interests since inception.

Predecessor Fund II held its final close in 2016 on $24.1 million after a year in the market.

“The linchpin of the strategy is applying a traditional secondaries market approach to the small end of the market, which we believe has a more diverse universe of sellers that are not efficiently reached by the largest secondaries market buyers,” managing partner Drew Crichton told Secondaries Investor at the time.

Crichton founded Traveller in 2013 and was a principal at Sun Mountain Capital.