Partners Group closes €1bn secondaries fund

A €1bn fund dedicated to global secondaries brings Swiss asset manager Partners Group’s total fundraising to €2.6bn in the last five months.

Partners Group, a Swiss listed fund manager, has held a final close on Partners Group Secondary 2006 Fund, the firm’s second fund dedicated to global secondaries, with €1 billion ($1.25 billion) of commitments.

The firm, which was not immediately available for comment, said that client demand exceeded the €1 billion hard cap. The fund will invest in secondary positions in the US, Europe and Asia.

Investors in the fund included corporate and public pension plans, insurance companies, family offices, endowments and banks from North America, the UK and continental Europe and Asia and the Middle East.

Urs Wietlisbach, co-founder and executive vice chairman, Partners Group

Partners Group raised €500 million for its debut secondaries fund, Partner Group Secondary, in September 2004, although a source told PEO at the time it could have raised up to €800 million. Limited partners in the fund included MetLife, BP, New York Life and Canada Pension Plan Investment Board.

Partners Group has been one of the most active fundraisers in Europe this year, having already raised €1.6 billion in the last five months. The firm held a final close of the second vehicle in a twin-fund European buyout programme earlier this month, raising €647 million for the two funds.

In July, Partners Group closed a €282 million mezzanine fund, shortly after raising $375 million for an Asia-focused fund of funds in May.

The firm, co-founded by executive vice chairman Urs Wietlisbach, also raised €400 million for its publicly-listed Partners Group Global Opportunities Fund, which began trading on AIM with a launch price of €10 at the end of September. Shares were trading at just over €10 at 12.30pm BST today.