Landmark’s next PE secondaries fund has 14-year term


Landmark Partners, StepStone, State of Connecticut Retirement Plans and Trust Funds, private equity, pension funds
Map of New York State in USA. Detail from the World Map. omersukrugoksu/iStock/Getty Images
  • Long fund life, distribution waterfall flagged in LP doc
  • Third-party owner to put up majority of GP commitment
  • Fund targeting $4 bln, with $2.4 bln raised
Secondaries firm Landmark Partners’ next private equity vehicle will have a 14-year fund life, with a possible two-year extension at the GP’s sole discretion, pension documents say. This and other unique terms are listed in an investment evaluation prepared by StepStone for State ...

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