LGT Closes Second Secondaries Fund At $1.2B

Jun 24 2010 | 12:43pm ET

LGT Capital Partners has closed its second private equity secondaries fund with US$1.2 billion in commitments, US$450 million more than the firm had originally planned.

The Pfäffikon, Switzerland-based firm had initially planned to raise only US$750 million for Crown Global Secondaries II. But strong demand and a consistent pipeline of opportunities convinced the firm to increase its target following its first close in August.

“And even with the increased target size, the fund ended up significantly oversubscribed,” LGT’s Tycho Sneyers said.

The new fund has already bought stakes in 50 p.e. funds across 20 transactions, Ivan Vercoutere, another partner at the firm, said.

“These transactions have performed very well and we believe our disciplined approach of acquiring high-quality assets through mid-sized transactions will continue to achieve attractive returns,” Vercoutere said.

Institutional investors from Europe, North America and Asia-Pacific make up the bulk of the new fund’s investors.

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