Hollyport targets close for secondaries fund

The vehicle is targeting $750m with a hard-cap of $1bn, double the size of the GP's previous fund, which closed on $500m against its $400m target in 2017.

A due diligence report highlighted the fund-size increase as a potential risk when backing the manager, highlighting the fact that it has raised a fund on average every two years, roughly doubling the size each time. However, it added that the firm has also grown the team size to manage the volume of transactions successfully so far.

Like its predecessor, the fund will target tail-end portfolios and fund restructurings, building a portfolio of 30-50 transactions with an average size of $20-35m.

The vehicle is charging a 1.5% management fee and 15% carry after a 7% hurdle, with a ratchet up to 20% at 2x net return.

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