With a final closure of $3bn, LGT Capital Partners has surpassed the $2.5bn target size for the Crown Secondaries Special Opportunities III (CSSO III) fund.
This is LGT’s third concentrated direct secondary fund and it offers liquidity options to private equity-owned businesses.
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In addition to funding the expansion of M&A, CSSO III holds direct minority positions in portfolio companies controlled by private equity and takes roles in concentrated continuation vehicles.
Pension funds, insurance firms, sovereign wealth funds, family offices, and endowments from the US, Europe, Asia Pacific, and the Middle East are among the programme’s investors.
Andreas Hellmann, partner at LGT Capital Partners, said: “Interest in direct secondary transactions has grown significantly in recent years. After a strong market focus on continuation vehicles, private equity sponsors are increasingly using a broader range of solutions to facilitate liquidity and longer holding periods for their best portfolio companies. Solutions that provide partial liquidity or follow-on capital directly at the company level are playing a growing role.”
Ivan Vercoutère, managing partner at LGT Capital Partners, added: “Following the success of our previous funds, we are pleased to see strong investor demand for CSSO III. As one of the largest pools of capital entirely focused on single-asset liquidity solutions, the program is ideally suited for private equity sponsors seeking innovative liquidity solutions.”
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By GlobalDataSince 2015, LGT Capital Partners carried out 87 investments and was an early adopter in the direct secondaries market.
To find appealing prospects, the method makes use of LGT Capital Partners’ extensive network of over 700 private equity manager relationships and data from hundreds of businesses.
LGT Capital Partners is a global specialist in alternative investing, manages over $100bn in assets and over 700 institutional clients across 44 countries.
With over 800 professionals, they focus on private markets, multi-alternatives, diversification, and sustainable strategies.
