LGT raises $6bn across two secondaries funds

Both funds have reached their hard-cap, according to a statement.

CSSO II was launched in October 2018, according to Unquote Data. The fund held a first close in March 2019 and began to draw capital from LPs in April that year. By October 2019, the fund had raised $690.5m. According to a regulatory filing, the fund had raised approximately $1.26bn by November 2020.

CGS V was registered in August 2019, according to Unquote Data, with a target of $3.75-3.8bn. Its predecessor, Crown Global Secondaries IV, held a final close on its hard-cap of $2.8bn in December 2016.

LGT said in the same statement that the two vehicles will allow the firm to target the full spectrum of private equity secondaries opportunities.

LGT manages private equity strategies covering a range of primary, secondary and co-investment opportunities. The GP registered its latest fund-of-funds, Crown Growth Opportunities IV, in May 2021. The firm also registered Crown Premium Private Equity IX in January 2021.

Investors
LPs in CSSO II include the Employees Retirement System of Texas, according to Unquote Data. LGT's previous Global Secondaries vehicle was backed by LPs including pension funds and insurance companies from Europe, the US and Asia. The fund had a minimum commitment of €100,000, according to Unquote Data.

Investments
CSSO II will focus on GP-led transactions, including spin-outs and single-asset restructurings. It has a six-year investment period and a 12-year lifecycle.

CGS V will continue the strategy of its predecessor vehicles, targeting LP stakes and complex fund solution deals on a global basis. CGS IV also had the option to target direct private equity investments and co-investments on an opportunistic basis.

People
LGT Capital Partners – Ivan Vercoutere (managing partner); André Aubert (partner, co-head of secondaries).

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