Credit Suisse Group has raised nearly $3 billion for its fifth secondary private equity fund.
CS Strategic Partners V will buy stakes in private equity funds on the secondary market. The Swiss bank is one of a number of secondary players seeking to ramp up activity in the space as p.e. investors seek to offload a record number of fund stakes.
Credit Suisse began marketing the fund towards the end of 2010, held its first close one year ago and began investing in July. It raised a total of $2.9 billion, only $87 million of it the bank's own capital, keeping the fund in compliance with the upcoming Volcker rule.
Credit Suisse's fourth secondary fund raised $2.6 billion at its final close four years ago.
CS Strategic V has already invested $750 million and expects to invest a further $1 billion in 2012. In addition to buying private equity stakes, the fund features a venture capital and real-estate portfolio.