Whitehorse targets Q1 close on second preferred equity fund

The Toronto-based firm is targeting $750m for Whitehorse Liquidity Partners II with a $1bn hard-cap, sister publication Secondaries Investor has learned.

Whitehorse Liquidity Partners is planning to hold a first close on its second fund in the first quarter of this year, sister publication Secondaries Investor has learned.

The Toronto-based preferred equity specialist is targeting $750 million for Whitehorse Liquidity Partners II, which has a $1 billion hard-cap, according to a source familiar with the fund. Its predecessor, the 2016-vintage Whitehorse Liquidity Partners I, had a $300 million target and closed on $402.3 million, according to PEI data.

It is unclear how much Fund II has raised so far and the firm declined to comment.

Fund I was 50 percent invested as of July, Secondaries Investor reported at the time.

Whitehorse was founded by former Canada Pension Plan Investment Board secondaries head Yann Robard. It uses a preferred equity structure to generate liquidity on private equity portfolios and/or finance the acquisition of private equity portfolios, according to its website.

In September the firm appointed Giorgio Riva, formerly a key member of CPPIB’s secondaries team, as partner. Riva marked the fourth CPPIB alumus to join the firm, following in the footsteps of founder Robard, chief financial officer Sean Connor and controller Marilia Bothamley.