Greenpark Capital, the London-based private equity secondaries investor, has closed its second fund, Greenpark International Investors II LP, on €350 million ($444 million).
The fund, which according to the firm had “significant excess demand”, closed three months after its official launch to new investors. The investor base comprised unnamed blue-chip institutions from Europe, the US, the Far and Middle East.
Greenpark’s first fund, which closed in March 2003 on $200 million, is 80 percent invested, with commitments to more than 25 underlying partnerships.
Commenting on the close, chief executive Marleen Groen said in a statement: “We’re confident that our investors, both those who supported our first fund and this time round, can look forward to market beating returns from this new fund.”
On the state of the secondaries market generally, which Greenpark expects to grow to around $20 billion of funds under management in 2005, Groen said: “”It’s like picking the best plants at a nursery rather than growing them from seed. We provide an early exit for assets that no longer fit investors’ revised models.”
Greenpark Capital was set up in 2000 by Groen, Joanna Jordan and Andrew French, all formerly executives at UK-based secondaries firm Coller Capital. Last month the firm recruited Christophe Nicolas as an investment director from buyout house Permira.
Greenpark was the first spin-out team to emerge from an established house and is one of the few European firms dedicated to secondaries.
Earlier this year a second spinout from Coller Capital emerged when Headway Capital was set up by Sebastian Junoy, Christiaan de Lint and Laura Shen.