Coller closes new secondaries fund above target at $5.5b
Coller Capital has reached a final close of $5.5 billion on its latest global secondaries fund. The new vehicle is larger than its predecessor, which closed in 2007 at $4.8 billion, and above the initial fundraising target of $5 billion. The fund has already committed $800 million of its capital.
Coller International Partners VI with acquire private equity portfolios, including positions in existing funds and direct interests in privately-held companies, providing liquidity to the original investors. It will target assets and sellers located anywhere in the world, making individual investments from $1 million to more than $1 billion.
There are more than 200 LPs in the fund, with pension plans, sovereign funds and insurance companies accounting for 53%, 15% and 10%, respectively, of the committed capital. The remainder came from endowments and foundations, family offices and other asset managers. The Coller team received fundraising support from O'Melveny & Myers.
Investors in Coller's previous vehicle are said to include California Public Employees' Retirement System (CalPERS), Canada Pension Plan Investment Board (CPPIB) and Oregon Public Employees' Retirement System.
"We are delighted to have formed this new partnership at such an exciting time in the secondaries market, when investors from all over the private equity world are looking to re-shape their portfolios and exit from the asset class," said Jeremy Coller, the firm's chief investment officer.
Numerous North American institutional investors are seeking to scale back their exposure to private equity in order to lower liquidity risk in their portfolios. This, combined with banks trimming their holds to comply with Volcker Rule and Basel III requirements, led Campbell Lutyens to predict that secondaries transaction volume will surpass $30 billion for the first time this year, up from $22 billion in 2011.
It was reported earlier this week that China's State Administration of Foreign Exchange (SAFE) has agreed to buy stakes in a string of global private equity funds from General Motors' pension plan.
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