Landmark hauls in about $3.2 bln approaching final close on Fund XV

Secondaries specialist Landmark Partners has collected around $3.2 billion for its fifteenth private equity secondaries fund and is approaching a final close, three people with knowledge of the fundraising said.

Landmark Equity Partners XV has been in the market targeting $2.5 billion since 2012. It’s not clear what the hard cap is on the fund. The firm is rounding up final commitments from limited partners, one of the people said.

The firm is kicking in a 1 percent GP commitment to Fund XV, according to public documents from the New Mexico State Investment Council and the Maine Public Employees’ Retirement System. The firm is charging a 1 percent management fee and a 10 percent carried interest on secondary investments, according to the Maine documents.

Executives at Landmark Partners declined to comment.

Landmark Partners raised about $1.9 billion for its fourteenth fund, which closed in 2010. That fund was generating a 19.5 percent internal rate of return as of Dec. 31, 2013, according to performance information from the Fresno County Employees’ Retirement Association.

The firm, founded in 1989, focuses on investments in private equity, real estate, mezzanine and venture capital.

In 2010, Indian asset manager Religare Global Asset Management bought a more than 50 percent ownership stake in Landmark Partners.

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