• JPMorgan Private Equity Limited, a London-listed fund of funds focused on secondary fund interests, raises more than $75 million in a series of share sales, surpassing its $50 million target.
• LGT Capital Partners holds a $268 million first close on its second global secondaries fund, Crown Global Secondaries II. Targeting $750 million in commitments, CGS II has already completed five deals, Ivan Vercoutere of LGT says in a statement.
• Korea Investment Corporation (KIC) awards a private equity secondaries mandate to Switzerland-based Partners Group. The sovereign wealth fund intends to take advantage of high discounts to net asset value currently seen in the secondaries market, KIC says in a statement.
• The New Jersey Division of Investment, which manages the state's $63 billion pension scheme, says it is considering launching a dedicated investment programme targeting private equity secondaries. New Jersey has made some secondaries purchases in the past, a spokesman says, but does not have a dedicated programme.
• Pomona Capital closes its seventh secondaries fund on $1.3 billion, over its original target of $1 billion. Pomona Capital VII includes some new investors, including US public pensions, financial institutions, endowments and Taft-Hartley plans.
• Cipio Partners holds a first close on €61 million for its sixth fund, which is targeting €200 million. Cipio, a private equity direct secondaries investor, includes family offices and institutions among its investor base.
• Massachusetts Pension Reserves Investment Management Board purchases for $150 million an LP interest in Denham Capital Management Commodity Partners V through a secondary purchase from Harvard Management Company.
• Pantheon International Participations (PIP), the London-listed fund of funds managed by Pantheon Ventures, sells a number of limited partner interests to reduce its burden of unfunded commitments. The sale relieves PIP of £154 million (€176 million; $245 million) in unfunded commitments.
• Merrill Lynch, the investment banking group that was bought for $50 billion in September last year by Bank of America, has sold €150 million-worth of limited partner interests in Kreos III, a European venture debt fund.
• Kentucky Retirement System, which is facing a “severe unfunded liabilities situation”, commits $50 million to Commerce Street Income Partners Fund II to take advantage of debt trading at distressed prices.
• Boston-based private equity firm HarbourVest Partners closes Dover Street VII, a global secondaries fund, on its $2.9 billion hardcap. The fund, which has been making investments since December 2007, is over-subscribed, according to the firm. Its initial target was $2 billion.
• Goldman Sachs Asset Management raises $5.5 billion for its fifth secondaries fund with returning and new limited partners from the Americas, Europe, Asia and Australia. The fund, GS Vintage Fund V, will be used to acquire portfolios of private equity assets, including LP interests in private equity funds.
• International investment bank Houlihan Lokey announces it is starting a secondaries advisory practice, which will be led by two former senior Bear Stearns managing directors, to capitalise on increasing activity in the secondaries market.
• San Francisco's Industry Ventures closes its fifth fund on $265 million, more than doubling its predecessor, which closed on $105 million in 2005. Fund V will spend the next two to three years investing between $1 million and $25 million per deal in limited partnership interests in venture capital funds as well as directly into portfolio companies.
• A HarbourVest Partners-backed management group spins out Lehman Brothers Venture Partners in a synthetic secondary and retains the majority of its limited partners. The Lehman venture spinout, Tenaya Capital, is led by Tom Banahan, former managing director and global head of venture capital for Lehman Brothers.
• Terra Firma, the UK buyout house, buys three limited partners out of its 2007 fund at “a small premium” to the face value, according to a source familiar with the matter. The three fund interests, which between them are liable for €25 million in uncalled commitments, were bought by the fund's management company.
• Cogent Partners, a secondaries-focused private equity investment bank, promotes Bernhard Engelien to managing director. Engelien has been working at Cogent in London for the last three years, having formerly spent six years as an associate principal at management consultancy, McKinsey & Company.
• Average high bids as a percentage of net asset value in the private equity secondaries market fell 28 percent from the end of June 2008 through November 2008, according to Cogent Partners.