Hermes raises $704m

The London-based fund of funds manager closes its fourth co-investment vehicle above the fund's hard-cap.

Hermes GPE held a final close on Tuesday of Hermes GPE PEC IV Co-Investment Fund at $603.5 million, above the fund’s hard cap of $450 million. Hermes was targeting $350 million for the fund. The firm also raised $100 million for a sidecar, Hermes GPE PEC IV Co-Investment Fund – Sidecar, from a single investor.

The firm’s previous co-investment fund, Hermes GPE PEC III Co-Investment Fund, also closed above target. Fund III closed in September 2017 with $388.8 million after targeting $300 million.

LPs committed to the fund include the BT Pension Scheme, the State Teachers Retirement System of Ohio, the Local Pensions Partnership, the Canada Pension Plan Investment Board, Hostplus, Ardian, the Korea Teachers Credit Union, SeAH Group of Korea and Decalia Asset Management