Kline Hill holds first close on debut fund – exclusive

The firm founded by Michael Bego is well on its way to hitting the target for its first fund which focuses on the smaller end of the secondaries market.

Kline Hill Partners, the secondaries firm founded by Michael Bego, has held a first close on its debut fund, Private Equity International 's sister publication Secondaries Investor has learned.

The Connecticut-based firm has raised more than half of its $120 million target for Kline Hill Partners Fund and is well on its way towards the target, according to a source familiar with the fundraising. It is understood the first close was held in March.

The firm has already made a handful of investments from the fund, which has a $180 million hard-cap. Kline Hill will hit its hard-cap for the fund this year, according to two sources.

Limited partners who have committed to the fund so far include foundations and endowments, Secondaries Investor understands.

Kline Hill launched the fund late last year to focus on the smaller end of the secondaries market, Bego told Secondaries Investor in a November interview. The fund will focus on deals in the single-digit million range and will primarily look at buyout and venture capital funds, as well as real estate and energy assets and some direct secondaries deals.

About 80 percent to 90 percent of the fund's focus will be on North America, with the rest on Europe and Asia, Bego had said.

Kline Hill declined to comment on the fundraising.