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Alternative Market Briefing

Banner Ridge raises $1bn secondaries fund

Monday, October 25, 2021

Laxman Pai, Opalesque Asia:

Secondaries private equity specialist Banner Ridge Partners has almost doubled its AUM by collecting $1bn for its latest secondaries fund.

Banner Ridge Secondary Fund IV (BRP IV) is the latest fund to be raised as part of the firm's flagship secondary program. The Fund was oversubscribed, receiving capital commitments from a wide range of institutional investors, including pension funds and several prominent family offices. This is the third fundraise since the firm became an independent business in June 2019.

Co-founded in 2019 by Anthony Cusano and C.J. Driessen, who formerly oversaw the distressed equity and special situations business for Siguler Guff & Co., Banner Ridge targets secondary deals involving distressed, special situations, and credit funds.

BRP IV was the third fundraise since the firm became an independent business in June 2019. It hit a $300m hard cap close for its first fund dedicated to primary fund investments in March. The firm's debut independent fundraise, which it termed Fund III, was closed last year on $550m, including $100m from the New Mexico Educational Retirement Board.

Since the strategy's inception in 2010 at its prior firm, the Partners at Banner Ridge have committed over $2.0 billion to over 100 discrete managers focused on distressed, special situations, and credit strategies globally.

Through primary, secondary, and co-investments and by partnering with specialist private equity ......................

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