While we’re looking at the slow going of Pantheon’s secondary fund, let’s also look at the process of the other five large secondary funds that were being raised in March. Of the six, only two have closed, and those closed in April. Did Goldman Sachs and Harbourvest sop up all the secondary money while the sector was hot? That’d be a shame, considering Goldman Sach’s fund was already underwater when it closed.
Coller Capital – Never Launched (Correction)
In March: The firm was seeking $6 billion for its sixth fund. Coller’s prior secondaries fund closed on $4.8 billion in 2007.
Today: Update–Coller Capital called me to say the firm had never officially entered the market and will not seek to raise a new fund until its current fund is at least 75% deployed, which it is not.
Goldman Sachs – Closed
In March: The firm was seeking an undisclosed sum for its fifth fund. The fund had gathered $5.25 billion in commitments but sought a larger, unknown sum. The firm’s prior fund had closed with $3 billion in commitments in 2007.
Today: The firm closed in April on $5.5 billion, the largest ever vehicle dedicated to private equity secondaries.
Landmark Partners – Open
In March: The firm was seeking $2 billion with a $2.3 billion hard cap for its fourteenth fund. As of March, it has had gathered $590.15 million in commitments. The firm’s prior fund, Landmark Equity Partners XII, closed in 2006 with $1.2 million in investments.
Today: The firm has closed on $1.5 billion in commitments with plans to meet its $2 billion target in Q1. Landmark has deployed at least 10% of the fund already.
Lexington Partners -Open
In March: The firm was seeking $5 billion. The firm’s prior fund, Lexington Capital Partners VI closed in 2005-2007 with $3.8 billion in commitments.
Today: No Update
Pantheon International – Open
In March: Pantheon Ventures was seeking a $4.75 billion and had accumulated $343.6 million in November. The firm’s prior fund closed in 2006 at $2 billion.
Today: The firm is inching along, holding a recent close on $950 million.
HarbourVest Partners – Closed
In March: The firm, called Dover Street, had already surpassed a fundraising target of $2 billion for its seventh fund, with $2.718 billion in commitments.
Today: The fund closed on $2.9 billion in April.