Landmark seeks $2.5bn for 15th fund

The secondary firm, founded in 1989, is seeking capital for its latest effort.

After deploying its previous fund through a series of creative deals – including a fund restructuring, Landmark is seeking $2.5bn for its latest effort.

The firm has launched its fifteenth secondary fund targeting $2.5 billion, according to market sources.

Landmark declined to comment.

The firm’s 14th fund, which closed on $2 billion in 2008, is about 80 percent invested, a source said.

Landmark has backed several creative deals through its 14th fund, including joining an investor group that financed the financial separation of Ridgemont Equity from its parent, Bank of America. The firm also led an investment group that funded the restructuring of Willis Stein & Company’s third fund.

The firm’s 14th fund has completed 25 deals comprised of 198 interests in 184 partnerships managed by 115 sponsors, according to Landmark’s web site.

Landmark hits the market after fellow secondary firm Paul Capital launched its 10th investment vehicle targeting $2 billion.

Those funds are seeking capital in a market already well-trod by larger secondary firms that had attracted huge amounts of capital from limited partners. AXA Private Equity, for example, closed its fifth secondary fund on $7.1 billion earlier this year, while Lexington Partners raised $7 billion for its eighth fund in 2011.