Montana holds final close on €800m hard-cap

MCP Opportunity Secondary Program IV was launched in October 2017 and held an interim close on its €650m target in December 2017.

The GP will make one more investment from its third fund before tapping the new vehicle, Unquote understands.

MCP Opportunity Secondary Program III held a final close on its €400m hard-cap in September 2015 and is now around 90% invested.

The fund will run a four-year investment period and expects to complete between 40-60 transactions in that time.

Clifford Chance's Munich office provided legal advice. No placement agent was used for the raise.

Investors
The latest fund has a wider investor base than MCP III, which was mostly backed by European LPs, Unquote understands. The Third Swedish National Pension Scheme (AP3) and London Pensions Fund Authority (LPFA) both re-upped, and a large Asian sovereign wealth fund, a US insurance company and some investors from the Middle East committed for the first time, Unquote understands.

Montana made a GP commitment of around €15m, just less than 2% of the final volume.

Investments
The new fund will follow Montana's previous strategy of investing in complex secondary transactions. It will focus on privately sourced transactions where possible, and target some smaller deals. It expects to make 10-15 investments a year over its four-year investment period.

People
Montana Capital Partners – Christian Diller (partner).

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