LGT closes third secondaries fund on $2bn

LGT's Crown Global Secondaries III vehicle was oversubscribed. The fund's predecessor, CGS II, closed above target on $1.2bn in June 2010.

Investors
The fund's LP base includes more than 80 institutional investors, such as sovereign wealth funds, state pension funds, corporate pension funds, insurers, endowments and foundations. 

Half of the investors are from mainland Europe, while 19% are from the Asia-Pacific region, 14% from North America, 12% from the UK and 5% from the Middle East.

LGT received commitments from both existing and new investors.

Investments
CGS III will follow the investment strategy of its predecessor and invest globally with a focus on mid-market funds.

The fund has already completed several investments. 

People
Managing partners Tycho Sneyers and Ivan Vercoutere will be responsible for the fund at LGT. 

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• Topics
• DACH
• Secondaries
• Switzerland
• LGT Capital Partners