LGT closes fifth secondaries fund on $4.5bn hard-cap

Eliza Punshi
15 June 2021

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Swiss alternative asset management firm LGT Capital Partners has held a final close for its fifth private equity secondaries vehicle, Crown Global Secondaries V, on its hard-cap of $4.5bn.

The GP had a target of raising $3.75-3.80bn for the fund, and is larger than its predecessor, Crown Global Secondaries IV, which held a final close on its hard-cap of $2.8bn in December 2016. The previous vehicle mainly invested in secondary private equity assets, but also had a remit to opportunistically commit to direct private equity investments and co-investments.

LGT partner André Aubert said in a statement that the GP sees appetite increasing from institutional investors globally for secondaries, and the potential opportunity set of investments has grown substantially.

Investors
The investor base for Crown Global Secondaries V consists of more than 100 institutions, including pension funds, endowments, insurers, sovereign wealth funds, family offices and financial institutions in Europe, the Americas, the Middle East, Asia, Australia and New Zealand.

According to Unquote Data, two of the LPs include Taiwanese insurance companies Cathay Life Insurance and China Life Insurance Company.

LPs in the previous fund include Employees Retirement System of Texas (ERS), Festa Lifeyrissjodur, Nord LB Group, Söfnunarsjóður Lífeyrisréttinda, Warburg Invest, Wave Management, Wüstenrot & Württembergische, and Cathay Life Insurance.

Established in 1997 and headquartered in Pfaeffikon, Switzerland, the GP has $75bn in assets under management and 550 institutional clients across 41 countries. The firm has offices in New York, Dublin, London, Paris, Frankfurt, Vaduz, Dubai, Beijing, Hong Kong, Tokyo and Sydney.

People
LGT Capital Partners – Ivan Vercoutere (managing partner); André Aubert (partner).