AltAssets – Paul Capital has closed its ninth private equity secondaries fund, Paul Capital Partners IX, on $1.65bn, above its original hard cap of $1.5bn.
Half of the investors in the fund comprise pension plans, with the remaining 50 per cent made up of banks, insurance companies, sovereign wealth funds, family offices and endowments.
The new fund will focus on the acquisition of secondary private equity portfolios, including interests in limited partnerships and portfolios of direct investments.
David de Weese, general partner, Paul Capital, said, ‘Increasingly, banks, insurance companies, pension funds, family offices, and other holders of private equity are turning to us to help them trim their portfolios and manage risk exposure and liquidity.’
Bryon Sheets, general partner, Paul Capital, added, ‘Investors continually seek us out for liquidity given our reputation for innovative solutions and unique deal structures. In this current market environment, such creative thinking and discreet approaches are welcomed more than ever. We are excited about the opportunities for Paul IX.’
The firm now manages approximately $4.2bn dedicated to secondary private equity. The firm closed its previous secondaries fund in October 2004 on $960m.
