Traveller Capital Advisors, a secondaries firm focusing on the smaller end of the market, has held the final close on its latest fund after a year of fundraising.
The Dallas-based firm raised $24.1 million for Traveller Capital II, Drew Crichton, the firm’s founder and managing member, told Secondaries Investor. The fund launched in July last year with a $25 million target, according to PEI data.
“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,” Crichton said.
All the investors in the firm’s debut fund re-upped into the latest fund and the vehicle also attracted commitments from new investors, according to a letter to investors seen by Secondaries Investor. The fund received commitments from 25 limited partners which include family offices and high net worth individuals.
Traveller II will follow a similar strategy to its predecessor of acquiring fund stakes at a discount to fair market value, particularly during times of market distress. The firm focuses on deals below $2 million, which it believes constitute a more attractive part of the market, and its latest fund has already acquired interests in 11 funds, according to the letter.
Traveller Capital now has over $35 million in assets under management. The firm was founded in 2013 by Crichton, who was previously a principal at Sun Mountain Capital.
– With additional reporting by Marine Cole.
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