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Laxman Pai, Opalesque Asia: Swiss alternative asset management firm LGT Capital Partners has held a final close for its fifth private equity secondaries vehicle, Crown Global Secondaries V (CGS V), on its hard-cap of $4.5bn.
More than 100 institutional backers, including pension funds, endowments, insurers, sovereign wealth funds, family offices, and financial institutions in Europe, the Americas, the Middle East, Asia, Australia, and New Zealand, committed to CGS V.
Investors in the fund include the $5.1 billion Kern County Employees' Retirement Association, Bakersfield, Calif.
The GP had a target of raising $3.75-3.80bn for CGS V and is larger than its predecessor, Crown Global Secondaries IV, which held a final close on its hard-cap of $2.8bn in December 2016.
LGT partner Andre Aubert said in a news release: "With CGS V, we continue to see increasing appetite from institutional investors globally for secondaries, together with our successful investment strategy and results from predecessor funds."
"The opportunity set of investments continues to grow substantially, with fund solutions becoming as ubiquitous as sales of limited partnerships interests a decade ago," Andre added.
Ivan Vercoutere, the Managing Partner at LGT Capital Partners, said: "In an increasingly challenging and competitive market, we remain focused on building the highest-quality portfolios for our investors, and continuously strive for our secondaries platform to further develo...................... To view our full article Click here
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