Pomona raises $1.75b for global secondaries fund
Pomona Capital has reached a final close on its eighth global secondaries fund at the $1.75 billion hard cap. The vehicle, which had a target of $1.3 billion, was substantially oversubscribed.
According to AVCJ Research, Pomona Capital VIII launched in October 2012 and had a first close of $588 million one year later. LPs are said to include pension funds, sovereign wealth funds, financial institutions, endowments, foundations and family offices from more than 25 countries.
The fund will follow a similar remit to its predecessor - a 2009 vintage vehicle that received $1.3 billion in commitments - by purchasing LP interests in private equity funds as well as portfolios of private equity-backed companies.
"Over the years, Pomona has executed a differentiated middle-market value strategy in the secondaries business," Michael Granoff, the company's CEO, said in a statement. "Our approach resonates with investors who recognize the long-term attractiveness of private equity but are concerned about risk."
Pomona's fundraise comes after Auda International closed its third global secondaries fund at $332 million in January. HarbourVest Partners, Hamilton Lane, AlpInvest Partners and Portfolio Advisors have also successfully raised secondaries vehicles since last summer.
Found in 1994, Pomona has approximately $8.5 billion in capital commitments across secondaries, primaries and co-investment strategies, working with around 250 global investors.
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