Secondary funds raise record $14 bln in first quarter

Private equity secondaries funds attracted a record amount of capital in the first quarter with six funds raising $14 billion, according to Preqin. This surpasses the previous record of $13 billion in the fourth quarter of 2014. The largest fund to close was the $7.5 billion Strategic Partners Fund VII, Preqin said. The research firm said solid performance drove the interest. The median net IRRs for private capital secondaries funds topped 15 percent in each vintage year since 2008, it said. Presently 48 secondaries funds are in market hoping to raise a combined $34 billion. This represents an increase in the number of funds since the end of 2016.  

Origin Ventures raises $80 mln fourth fund

Origin Ventures said it has raised an $80 million fourth fund, double the size of its previous fund. The fund exceeded its $75 million target. The Series A investor with a focus on software, market places and content startups said it did not plan to change its strategy. “While we’ve doubled the size from our last fund, we are not doubling the number of deals,” the firm said in a blog post. “As the size of series A rounds has increased steadily, this was a necessary step to (a) continue to take leadership roles in transactions, and (b) to avoid capacity constraints and (c) avoid ‘stage creep.’” The firm has already done five deals from the new fund: Tock, Tovala, Avant, AppDetex and Kidizen. As part of the new fund, the firm’s four partners contributed “a significant percentage of the committed capital– in the double digits– and we invest
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PRECap VI raises $1.29 bln

PGIM Real Estate said April 27 that its latest fund closed with more than 1 billion pounds ($1.29 billion) in capital. Pramerica Real Estate Capital VI (PRECap VI) will invest in private real estate debt in Europe, providing whole loans, mezzanine and preferred equity. PGIM Real Estate is the real estate investment business of PGIM, which itself is the global investment management business of Prudential Financial Inc. PRESS RELEASE LONDON–(BUSINESS WIRE)–PGIM Real Estate has completed a capital raise exceeding £1 billion for PRECap VI (Pramerica Real Estate Capital VI), surpassing its fundraising target. PRECap VI is the largest fund in a series dedicated to investing in private real estate debt in Europe. PGIM Real Estate is the real estate investment business of PGIM, the global investment management business of Prudential Financial, Inc. (NYSE: PRU). With more than $1 in trillion assets under management, PGIM is a top 10 global money manager
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Gerding Edlen Fund III raises $416 mln

Gerding Edlen Investment Management said April 26 that its third real estate fund closed with $416 million in capital commitments, exceeding its $350 million target. Gerding Edlen Green Cities III will invest in mixed-use, multi-family, and office properties in urban, high-growth markets. Gerding Edlen said it has committed about 64 percent of fund III’s capital, investing in eight transactions. PRESS RELEASE PORTLAND, Ore., April 26, 2017 /PRNewswire/ — Gerding Edlen Investment Management (“Gerding Edlen”), a leading real estate investment manager focused on mixed-use, multifamily, and office properties, today announced the final close of its third real estate fund, Gerding Edlen Green Cities III (“Fund III”), with $416 million in capital commitments, exceeding its $350 million target.
Gerding Edlen will seek to invest Fund III in mixed-use, multi-family, and office properties in urban, high-growth markets that present value-add investment opportunities. Through Fund III, the firm will focus on developing, retrofitting
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Accolade raises $235 mln for sixth fund

Washington, DC-based Accolade Partners, a growth equity and venture firm, has closed its oversubscribed sixth fund at $235 million. Accolade VI’s investors include endowments, foundations and families. The fund will focus on technology and healthcare. PRESS RELEASE WASHINGTON, DC, April 26, 2017 – Accolade Partners (“Accolade”), a venture capital and growth equity investment firm, announced it has raised $235 million for its oversubscribed sixth fund (“Accolade VI”). Accolade’s investors include endowments, foundations and families that partner with Accolade to gain exposure to the private equity asset class. Accolade VI will continue the Firm’s focus on leveraging its deep knowledge and independent thinking to access top-decile managers in venture capital and growth equity. Core to the Firm’s strategy is a concentrated portfolio that delivers strong returns to its limited partners. Accolade will invest across both technology and healthcare, while selectively making direct investments in portfolio companies. The Firm is managed by
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