LGT Closes $1.2 Billion Secondaries Fund

LGT Capital Partners has closed its second global secondaries fund with $1.2 billion in capital commitments. The Swiss firm manages a total of $19 billion in private equity and hedge fund investments.


LGT Capital Partners is pleased to announce the final close of Crown Global Secondaries II plc (CGS II), its second global secondary fund, with total subscriptions of USD 1.2 billion. The program’s investor base includes government pension funds, corporate pension funds, insurance companies, endowments and foundations from Australia, Bahrain, Canada, Denmark, Finland, Germany, Iceland, Japan, Kuwait, Malaysia, Netherlands, Singapore, Sweden, Switzerland, Taiwan, UK and US.

Tycho Sneyers, Partner at LGT Capital Partners, comments: “There was very strong demand for the offering which initially targeted to raise USD 750 million. Following a first closing in Aug 2009 and a consistent deployment of capital throughout 2009, we raised our target to a cap of USD 1.2 billion. And even with the increased target size, the fund ended up significantly oversubscribed.”

Ivan Vercoutere, Partner at LGT Capital Partners, adds: “We have completed over 20 transactions so far for CGS II, in which we have acquired a total of over 50 underlying funds that have invested in North America, Europe and Asia. These transactions have performed very well and we believe our disciplined approach of acquiring high quality assets through mid sized transactions will continue to achieve attractive returns.”

LGT Capital Partners has been investing in secondaries for over 10 years, and over that period the firm has achieved an IRR in excess of 25% (without the use of leverage) having returned 81% of called capital to date.

About LGT Capital Partners
LGT Capital Partners is a leading alternative assets and fund of funds manager focused on institutional investors. The firm currently manages USD 19 billion in hedge fund and private equity investments globally. A team of more than 160 professionals, representing 31 nationalities, is responsible for managing the Crown and Castle alternative investment programs. Headquartered in Pfaeffikon (SZ), Switzerland, the firm has offices in New York, London, Dublin, Hong Kong and Tokyo.