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LGT Capital holds first close of CGS II on $268m

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Fund

LGT Capital Partners has held a first close of Crown Global Secondaries II plc (CGS II), its global secondaries fund, on $268m in July 2009. The fund has a target of $750m and was launched in March 2009. The fund is structured as an Irish plc and is legally based in Ireland, with a life span of 12 years and three optional extensions of one year each.

The minimum subscription is $5m; management fees are only charged on completed transactions and amount to 1%, with a 10% performance fee after a hurdle rate of 8%. Legal advice was provided by Dillan Eustace and the fund is being raised without placing agents.

Investors

Portfolios of the LGT Group have committed $50m, with the remaining investors comprising largely pension funds and insurers. According to LGT Capital Partners, they see an increased interest in secondaries funds, especially those focused on mid-sized transactions.

Investments

The fund has already completed five transaction, acquiring a total of 13 underlying funds with portfolio investments in the US, Europe and China. The fund invests globally with a focus in middle market funds through mid-sized transactions. The strategy is to invest selectively and focus on those transactions where the fund has proprietary insights. The fund aims to acquire high quality assets through smaller, less intermediated transactions.

People

LGT Capital Partners has been investing in secondaries for more than 10 years, and during that period the firm has achieved a 25% IRR (without the use of leverage in completing transactions) on $1.3bn of secondary investments. Maximilian Bronner is the contact person for the fund.

Name: Crown Global Secondaries II

Target: $750m

Closed on: $268m

Focus: Secondaries, mid-market

Contact: Maximilian Bronner

Address: LGT Capital Partners AG

Schuetzenstrasse 6

CH-8808 Pfaeffikon

Switzerland

Tel: +41 55 415 96 00

Advisers: Dillan Eustace (Legal).