Hungry For Secondary Funds? Here’s Who Is In Market

Traditional private equity and venture fundraising is icy cold these days, but secondaries are on fire. At the secondary conference I attended Friday, one manager even said, “We’ve got investors calling us asking if we’re fundraising. They want to give us their money,” he said.

In early March I posted a list of the big secondary funds in the market. Since then, two large secondary funds have closed: Harbourvest Partners’ $2.9 billion fund, Dover Street VII, and Goldman Sachs’ $5.5 billion pool, which peHUB learned is already under water.

That leaves more than 25 that I know of in the market, thanks to conversations with fundraisers and a helpful spreadsheet courtesy of placement agent Probitas Partners. I’ve got the details on them below:

Adams Street Global Opportunities Secondary Fund II is seeking $600 million. The firm’s first secondary vehicle had $390 million in commitments.

Auda Secondary Fund II is in the market with a $500 million target. It’s first secondary fund had $tk million in commitments.

AXA Early Secondary Fund V seeks 600 million Euros on the back of its prior, 600 million Euro fund.

Capital Dynamics Global Secondaries III seeks $250 million.

Coller International Partners VI is in the mark seeking $6 billion. The firm’s prior secondaries fund closed on $4.8 billion in 2008.

CS Strategic Partners IV seeks $2.5 billion to invest in the secondary market. Credit Suisse’s prior secondary fund had $1.9 billion in commitments.

CS Strategic Partners IV VC seeks $325 million. The venture capital-focused secondary fund had $210 million in commitments on its prior vehicle.

Fondinvest 8 is raising 400 million Euros. The Paris-based fund raised 292 Euros for its seventh fund.

Fort Washington Private Equity Opportunities Fund II is raising $100 million. The firm is based in Cincinnatti.

Greenpark International Investors IV is raising 1.4 billion Euros on the back of Greenpark Capital’s 730 million Euro fund. Greenpark is based in the UK.

Hamilton Lane Secondary Fund II is raising $400 million. Its prior vehicle had $325 million in commitments.

Landmark Equity Partners XIV has raised $1 billion toward its $2 billion goal with a $2.3 billion hard cap. The firm’s prior fund, Landmark Equity Partners XII, closed in 2006 with $1.2 million in investments.

Hybrid Secondary Fund – Meanwhile, Landmark Partners is raising its first ever “hybrid” fund which will invest in funds that are less than 50% funded. The fund seeks to gather $400 million in commitments, and Merrill Lynch is acting as its placement agent.

Lexington Partners VII – The firm’s latest traditional secondary fund, its seventh, has a target of $5 billion with a hard cap of $5.5 billion. The latest official number I could find on its commitments gathered to date is $1.5 billion, although industry publications estimate the fund is around its halfway point. The firm’s prior fund, Lexington Capital Partners VI closed in 2005-2007 with $3.8 billion in commitments.

Lexington Middle Market Investors II, another Lexington effort, has a $1 billion target and has gathered more than $500 million in commitments.

Morgan Stanley Global Secondary Opportunities Fund I is raising between $500 million and $850 million for the firm’s its first secondary fund.

Newbury Equity Partners II is raising $800 million for its latest fund. The Stamford-based firm raised $700 million in commitments for its last fund.

Portfolio Advisors has a target $1 billion on its latest fund. raised $860 and expects a final close in June.

Pantheon Global Secondaries Fund IV seeks $3.75 billion for its latest secondaries fund which will invest across the spectrum of private equity. It raised $343.6 million by November of last year. Its prior effort, a 2006 vintage, had $2 billion in commitments.

Partners Group Secondary 2008 seeks 2 billion Euros and has gathered 1.9 billion Euros to date. The firm’s first effort had 1 billion Euros in commitments.

Permal Private Equity Opportunities IV – The Boston-based firm plans to enter the market soon; its prior effort had $350 million in commitments.

Private Equity Investment Fund V seeks $250 million. The New York-based fund raised $171 million for its prior effort.

RCP Secondary Opportunity Fund seeks $200 million for its first secondary fund. Its closed on $50 million to date.

Symmetry Secondary Fund II seeks $100 million. The firm is based in Chicago. (Correction: A previous version incorrectly stated the firm was based in Colorado.)

Thomas Weisel Global Growth Partners IV seeks $125 million.

Unigestion Secondary Opportunity Fund II seeks 200 million Euros for its first secondary fund. The firm is based in Geneva.

More of peHUB’s Coverage of the Secondary Market for Private Equity and Venture Capital:
Secondary Quote of the Day II: “We’ve been feeding investors two drugs”
Secondary Quote of the Day I: “Things are often popular for the wrong reasons.”
How Can Secondaries Bring Liquidity to Cash-Constrained Fully Invested Funds?
Secondary-Palooza Still Waiting On The “Palooza

5 Secondary Questions for Brett Gordon, HarbourVest Partners
New Goldman Secondary Fund Already Marked Down
Live-Blogging PEA Outlook: Secondary Panel
Want to Invest in a Big Secondary Fund? Here Are Your Options
Yet Another Way To Invest in Secondaries
Conversus Capital: “Like a REIT for PE Assets”
What are “Secondary-Lite” Buyers Buying?
“Secondary-Lite” The Only Secondary Getting Done

Harvard Opens Massive Secondary Sale
QMS Firm Estimates 20% of Funds Have Already Maxed Out On Secondary Sales for 2009
New Probitas Vehicle Aims to Bridge Secondary Pricing Gap
There Are More Secondary Buyers Then Sellers, Survey Says

A Word of Warning to the Rash of New Secondary Intermediaries
Mark to (Secondary) Market: Take Two
PE Funds Maxing Out On Secondary Sales
Published Secondary Prices Are “Stale;” Venture Worse-Off Than PE

Could Secondaries Wipe Out the Primary Fundraising Market?
There’s a New Secondary Intermediary (Or Two) in Town
Park Hill Is Starting A Secondaries Group, Too

Q&A With a Secondaries Buyer: “We’re Making Specific Bets on Companies”
It’s a Buyer’s Market: Q&A With a Secondaries Intermediary
Secondary Prices Drop