PineBridge raises $188m for secondaries

The fund will invest globally, including in emerging markets, and is targeting $500m

PineBridge Investments has collected $187.8 million for its PineBridge Secondary Partners III, according to documents filed with the US Securities and Exchange Commission Friday.

Fund III is targeting $500 million, although its initial target was $1.3 billion. In June 2013, PineBridge reduced the fund’s target by 60 percent. By July 2013, the fund had collected $130 million.

PineBridge declined to comment. Triago is acting as a placement agent for the fund, according to SEC documents.

PineBridge’s prior secondaries fund closed on $718.8 million in 2007 and is fully invested, according to PEI’s Research and Analytics division. In 2010, the fund bought a stake in The Carlyle Group’s $5.3 billion Carlyle Europe Partners III, from Canadian pension plan Desjardins, according to UK regulatory notices.

PineBridge will invest Fund III globally, including in emerging markets, although the ratio of limited partners interested in emerging markets secondaries is roughly 30 percent to 70 percent, according to Steve Costabile, global head of private equity and managing director at PineBridge.

However, more LPs are becoming comfortable with emerging markets and are making room for emerging markets allocations to their private equity portfolios, Secondaries Investor previously reported.

“It is a good indicator that as primary investors cool concerns about emerging markets, secondary transactions can commence,” Costabile said earlier.