Partners Group, the alternative asset manager based in Zug, Switzerland, that specialises in private equity and hedge fund investment, has raised $100m for Partners Group Secondary LP, a new fund specialising in purchasing individual limited partner holdings in buyout funds from other investors.
According to a source close to Partners Group, the firm received commitments from institutional investors in Switzerland, the UK and Germany within eight weeks of publishing the fund’s placement memorandum.
Partners Group describes the fund’s investment strategy as “hand-picking” interests in “high quality” private equity partnerships that are between two and five years old and less than fully invested.
The fund is understood to have invested just under E40m in three European buyout funds already. According to the source, the fund has acquired these positions at a small discount to net asset value as determined by the managers of the funds in question, although Partners Group itself values the assets at a premium.
Marketing of the fund in the US began last week. Partners is hoping to close the fund in mid-2004 at E400m.