Glendower eyes new secondaries fund

Glendower Capital Strategic Partnership 2022 was registered with the Luxembourg registry.

The vehicle is expected to make secondaries deals for LP stakes and secondary portfolios, primarily in the US and Europe. It will focus on buyout, growth, venture, special situations, turnaround, mezzanine, distressed opportunities, real estate and infrastructure funds. The vehicle can also make co-investments.

The GP registered Glendower Secondary Opportunities Fund V in June 2020. The firm held a first close for the vehicle in February 2022 on USD 3.5bn and the vehicle is expected to reach its USD 4bn hard-cap, according to Unquote Data.

Glendower registered Glendower Capital Secondary Opportunities Overage Fund II in June 2021, according to Unquote Data.

Glendower Capital was formerly part of Deutsche Bank's asset management division but became an independent entity in 2017. With offices in London and New York, Glendower Capital makes both LP stake and GP-led secondaries deals in Europe and North America. According to its website, its secondaries strategy has USD 8.6bn in total commitments.

Glendower's recent activity includes its participation in a GP-led deal conducted by GED Capital for Spain-based diagnostics reagents producer Vitro Group. The deal valued the company at more than EUR 100m, according to press reports.

The firm was acquired by CVC in September 2021, as reported. The firm is continuing to operate independently but will be able to leverage CVC's network and relationships, according to a statement issued at the time.

Glendower had not responded to requests for comment at the time of publication.

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