Private equity secondaries investor Coller Capital has reached a final close on Coller International Partners VI. The fund exceeding its target of $5 billion securing commitments of $5.5 billion.
Coller Capital, the leading global investor in private equity secondaries, today announced the final closing of Coller International Partners VI (CIP VI) with commitments of $5.5 billion.
CIP VI, which had a target size of $5 billion, will acquire private equity portfolios – positions in existing private equity funds and interests in privately-held companies – thus providing liquidity to the original investors in these assets.
Like its five predecessor funds, CIP VI will take a flexible approach. Advised by a multinational team based in London, New York and Hong Kong, the fund will target assets and sellers located anywhere in the world, and make individual investments ranging in size from $1 million to $1 billion-plus.
The new Coller fund has more than 200 Limited Partners. Pension plans account for some 53% of the fund’s committed capital; sovereign wealth funds/government entities for 15%; and insurance companies for 10%; with the remaining commitments coming from endowments and foundations, family offices and other types of asset manager.
Jeremy Coller, Coller Capital’s chief investment officer, commented:
“We are delighted to have formed this new fund partnership at such an exciting time in the secondaries market, when investors from all over the private equity world are looking to re-shape their portfolios or exit from the asset class. With $5.5 billion of firepower, CIP VI will be able to provide comprehensive secondaries solutions to even the largest of these investors. We have already committed $800 million of the new fund’s capital, and we have a very full pipeline of potential investments.”
Coller Capital was advised and supported in the raising of CIP VI by the funds team at O’Melveny & Myers.
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About Coller Capital
Coller Capital, founded in 1990, is the leading global investor in private equity secondaries – the acquisition of positions in private equity funds and interests in private companies from their original backers. From its offices in London, New York and Hong Kong, the firm makes investments all round the world, committing from $1 million to $1 billion-plus to individual transactions. Between them, Coller Capital-advised secondaries funds have interests in over 300 primary-market funds and 2500 private companies worldwide.
Coller Capital’s name is synonymous with the development of the secondaries market. In 1994, the firm launched Europe’s first secondaries fund, and in 1998 closed the first secondaries fund with a global mandate. In 1998 too, Coller Capital made the largest secondaries investment of its time – acquiring a $265 million portfolio from Shell Pension Trust of the US – and two years later repeated the feat by buying NatWest’s $1 billion private equity portfolio from the Royal Bank of Scotland.
Coller Capital made the first significant purchase of a corporate venture portfolio in 2001, acquiring 27 Bell Labs technology companies from Lucent of the US. As private equity developed around the world, the firm closed India’s first secondaries transaction in 2006.
Recent investments include: transactions with quoted private equity businesses SVG Capital and 3i (each of which won a 2009 European Deal of the Year award); and in 2011, the acquisition of Crédit Agricole Private Equity and most of its managed funds.
In 2011, Coller Capital won Private Equity International’s Secondaries Firm of the Year award for the 8th successive year, and in 2012 Real Deals named the firm Secondaries House of the Year.