Landmark raises $3.25bn for secondaries

The Connecticut-based firm’s fifteenth secondaries fund had an initial target of $2.5bn

Landmark Partners has held a final close on Landmark Equity Partners XV on $3.25 billion, exceeding its initial target of $2.5 billion, the firm said in a statement.

The oversubscribed vehicle had collected $1.41 billion in commitments by January 2014, according to documents filed with the US Securities and Exchange Commission. The fund held its final close on 24 December 2014.

Landmark was advised on the fundraise by Kirkland & Ellis.

In line with its fourteen predecessor funds, LEP XV will follow a dedicated secondaries strategy of acquiring portfolios of limited partnership interests in existing private equity funds and interests in privately-held companies. LEP XIV closed on closed on $1.93 billion in 2010, according to Private Equity International’s Research & Analytics division.

LEP XV’s LPs include sovereign wealth funds, public pensions, corporate pensions, insurance companies, asset managers, and foundations from across the globe, Landmark said. Investors in the vehicle include the New Mexico State Investment Council, which committed $100 million to the fund, and the Ohio Police & Fire Pension Fund, which committed $60 million, PEI reported previously.

The firm’s chairman and managing partner Francisco Borges said new investors represent more than a third of LEP XV’s funds raised.

“We have already invested US$1.8 billion of LEP XV’s capital,” Landmark president and managing partner Timothy Haviland said in a statement, adding that the firm has identified “a robust and attractive global pipeline of potential investments”.

Connecticut-based Landmark invests in secondaries interests in the US, Europe, the Middle East, Latin America and the Pacific Rim. The closing of LEP XV brings the firm’s total committed capital to around $15 billion, as of December 31, 2014.