Auda raises $332 million for third global secondaries fund
Auda International has announced a final close on its third global secondaries fund at $332 million, exceeding the initial target of $300 million. Existing Auda investors accounted for more than 60% of the capital raised.
The LP base predominantly comprises institutional investors, including public and private pension funds, insurance companies, endowments, foundations and financial institutions, as well as family offices and high net worth individuals. There were 12 new institutional investors, from Europe and the US, that between them contributed over 30% of the corpus.
Auda Secondary Fund III will follow a similar strategy to its predecessors, targeting market niches, particularly smaller and more complex transactions. There will be a combination of traditional LP interest and secondary direct deals.
The most recent regulatory filing for Auda's previous secondary fund, dated May 2010, specifies a target size of $500 million, with $194 million in commitments from investors. The firm's debut secondary fund raised $399 million in 2003.
"We believe Auda's global, integrated platform, which combines primary fund investing, co-investing and secondaries, is a key driver of success in the current environment," said Stephen B. Wesson, the firm's head of global private equity. "Our focus on small to mid-size transactions and our ability to engineer creative liquidity solutions for both limited partners and general partners are also critical elements in our strategy."
HarbourVest Partners, Hamilton Lane, AlpInvest Partners and Portfolio Advisors have all closed global secondaries funds within the past six months, while Asia-focused secondary direct specialist NewQuest Capital Partners reached a first close of $215 million on its second fund.
Lexington Partners is also in the market with its eighth fund. Brent Nicklas, Lexington's managing partner, told AVCJ in November that he expects global secondaries volume of $25 billion per year over the next 4-5 years, and a further $2-3 billion per year in direct secondary transactions.
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