New York fund-of-funds manager Siguler Guff is nearing the end of fundraising for two vehicles, according to recent regulatory filings and sources close to the firm.
Siguler Guff has accumulated $914.682 million in commitments to its second BRIC fund-of-funds. The vehicle has a $1 billion target, which is a significant increase over its first BRIC fund vehicle. That fund, raised in March 2006, had $610 million in commitments.
The fund’s strategy is to invest in funds which target Brazil, Russia, India and China, with an emphasis on India and China. Patricia Dinneen, the fund’s manager, declined to comment.
Meanwhile, Siguler Guff also has secured around $2.3 billion in commitments for its third distressed fund-of-funds, which was being targeted at just $1.5 billion. A final close on slightly more capital is expected within the next month. Limited partners include the Oklahoma Police Pension & Retirement System ($10m), the Louisiana State Employees’ Retirement System ($75 million) and the University of Vermont State and Agricultural College ($7.5 million), according to Buyouts.
The firm’s prior distressed fund-of-fund was a $988 million fund, which closed in 2005. It raised its debut distressed fund-of-fund in 2002, gathering $595 million in commitments. The distressed fund targets portfolio managers who purchase companies “undergoing financial distress, operating difficulties or restructuring.” The fund is managed by Maria Boyazny, who did not return calls by press time.
In September, the firm raised a $500 million pool to invest in the funds of buyout firms targeting small and lower middle market companies.