LGT hits $2.5bn first close for Crown Global Secondaries IV

Launched in December 2015, the closed-ended vehicle has a $2.5bn target and focuses on acquisitions of private equity secondaries stakes globally.

According to a statement, the GP expects to hold a final close on the vehicle's $2.8bn hard-cap during the first half of 2017.

LGT Capital Partners held a final close for the previous secondaries vehicle, Crown Global Secondaries III (CGS III), on its $2bn hard-cap in 2013. The fund's predecessor, CGS II, closed above target on $1.2bn in June 2010.

Investors
The fund's LP base comprises 89 institutions, including pension funds, endowments, insurers, sovereign wealth funds, family offices and several financial institutions in Europe, the US, Canada, the Middle East, Asia, Australia and New Zealand.

The fund has a minimum commitment of €100,000.

Investments
The fund mainly invests in secondary private equity assets but also has a remit to opportunistically commit to direct private equity investments as well as co-investments.

The GP will not invest in sectors substantially exposed to arms-related activity, violation of human rights and irresponsible treatment of the natural environment, in accordance with industry standards.

People
LGT Capital Partners – Ivan Vercoutere (managing partner); Tycho Sneyers (partner).

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