London-headquartered secondaries specialist Headway Capital Partners has held a final close for its fourth secondaries fund, HIP IV, on its €372m hard-cap.
The fund was registered in February 2017 and launched with a €300m target.
It is nearly twice the size of its predecessor, Headway Investment Partners III, which held a final close on €175m in November 2013.
Asante Capital acted as exclusive placement agent, while Macfarlanes was legal adviser and Aztec Corporate Finance acted as fund administrator.
Headway has raised more than €900m in commitments since spinning out of Coller Capital in 2004.
HIP IV attracted capital from a diversified mix of institutional investors globally, including pension funds, asset managers, family offices, high-net-worth individuals, and endowments. Unquote understands that its LP base includes Italian pension fund Cassa Forense, the European Investment Fund and Connection Capital. Most of its investors come from Europe and a significant minority from the US.
The fund seeks to invest globally with a focus on western Europe and North America, with a maximum investment size of €50m. Headway targets small to medium-sized complex secondary transactions, including structured transactions, direct portfolios, GP restructurings, co-investment secondaries and, to a lesser extent, LP stakes.
The fund has already made 10 investments across Europe and the US, and intends to ink 20 more deals. The fund will sign two more deals by the end of the year – one restructuring in the US and one liquidity provision deal in Europe – Unquote understands.
Last year, the vehicle completed the restructuring of a fund managed by Seville-based GP Alter Capital Desarrollo, called Al Aldalus Capital Fund. Headway established a new vehicle, Alter Cap II, to purchase the portfolio from Alter Capital's previous fund and provide follow-on investment to drive further growth in the companies. LPs were given the option to remain invested or take liquidity.
Headway Capital Partners – Christiaan de Lint, Sebastian Junoy (founding partners).
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GPs invest in the business alongside the founder Barbier and the management team led by Maderay