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TriGuard beats $400m target for Fund VI

Secondaries fund of funds Montauk Triguard has closed its sixth fund over its target of $400m, stating that the fund was substantially oversubscribed.

California-based secondaries general partner Montauk TriGuard has closed its sixth fund on $500 million, beating its target of $400 million, according to a statement.

The firm said Montauk TriGuard Fund VI was substantially oversubscribed and received strong support from new and existing investors, including public and corporate pension plans, insurance companies, endowments, foundations, family offices and high net worth individuals.

“We are fortunate to have such a sophisticated, diverse group of limited partners in Fund VI, many of whom have been loyal partners over multiple funds,” said TriGuard co-managing partner, Ronn Cornelius.

TriGuard said Fund VI, like its previous funds, will focus on LP interests, tail-end fund positions, small transactions and GP liquidity. It added that it was advised by the international law firm Proskauer Rose.

TriGuard’s investment team includes its four general partners Ronn Cornelius, Samuel Tang, Edgar Pfohl and Brian Smith. They have raised $1.5 billion through six funds and have developed a reputation for specialising in complex secondary transactions, according to its website.

Its predecessor fund, Montauk TriGuard Fund V, closed on its target of $300 million nearly three years ago and included a significant investment by Pacific Life, according to PEI data.