Glendower closes fourth secondaries fund on $2.7bn

Glendower is a Deutsche Bank spinout; its partners took the secondaries business independent in 2017. SOF IV is the first fundraising effort by the team since the spin-out; it was launched in 2017 with an initial $2.5bn hard-cap and held a first close on $1.3bn in 2018, according to Unquote Data.

The firm is headquartered in London, with an office in New York. The team now has 30 professionals.

Debevoise & Plimpton acted as legal adviser on the fundraise.

Investors
SOF IV's LPs are global and include public and corporate pension funds, sovereign wealth funds, insurance companies, endowments, foundations, wealth platforms and family offices. The investor base comprises backers in previous funds managed by the team, as well as new LPs.

Investments
SOF IV will target secondaries investments globally. Most recently, the vehicle was used to invest in UK-based retailer Liberty London; BlueGem Capital Partners sold its stake to a consortium led by Glendower in a deal valuing the business at £300m. The transaction is understood to be structured as a secondary recapitalisation, which differs from a single asset restructuring because BlueGem is no longer invested through its fund. There was also no option for BlueGem LPs to roll over their investment into the new holding company.

People
Glendower Capital – Carlo Pirzio-Biroli (CEO, managing partner).

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