Whitehorse raises $1 bln for sophomore PE secondary fund

Toronto-based Whitehorse Liquidity Partners, a private equity firm that specializes in making preferred equity investments in private equity portfolios, closed its second private equity secondary fund at a hard cap of US$1 billion, according to a press release.

Fund II’s target was US$800 million.

The firm’s investor base includes top insurance firms, public and corporate pension plans, family offices, financial institutions and individual investors.

Kirkland & Ellis provided legal counsel for Whitehorse and Fund II.

In May 2017, Whitehorse raised US$400 million for Fund I. No performance data was available on the fund.

Founded in 2015, Whitehorse is led by Managing Partner Yann Robard, a former head of secondaries and co-investments at Canada Pension Plan Investment Board.

Update: Earlier this year, PE Hub Canada reported Whitehorse raised more than three-quarters of Fund II’s hard cap, according to a U.S. Securities Exchange Commission filing.