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Fund News In Brief

Hamilton Lane has been officially approved by the Nevada Capital Investment Corp. and the Nevada Board of Examiners to manage its Silver State Opportunity Fund. As part of the mandate, Hamilton Lane will be responsible for evaluating and selecting venture capital and private equity funds that will invest in Nevada companies and will also be investing directly into Nevada businesses as a co-investor. The firm will open an office in Las Vegas, to be managed by vice president Miguel Luina.

European low and mid-market investor Idinvest Partners has reached a first closing for its new investment vehicle which is exclusively dedicated to secondary transactions, The Idinvest Secondary Fund. The fund has so far secured €100 million ($127.8 million) in commitments. The fund’s investors are European financial institutions, one third of which are new LPs.

New Mountain Capital is expected to begin marketing later in 2012 or early next year for its fourth private equity fund, two placement agents told peHub. It’s unclear right now how much New Mountain is expected to raise with its next fund. New York-based New Mountain collected $5.1 billion with its third fund in 2008. That fund, New Mountain Partners III LP, is more than 70 percent invested, persons said.

London-based Patron Capital, a pan-European opportunistic and distressed asset investor, has raised $1.1 billion for its Patron Capital LP IV. The fund includes a €100 million dedicated discretionary co-investment pool, the firm said. Monument Group acted as the exclusive placement agent.

Wellington Financial has reached a first close on Wellington Financial Fund IV, raising $177.5 million. The firm also announced plans to open a second U.S. office in Palo Alto later this year. Wellington Financial, based in Toronto, is a privately held specialty finance firm providing growth capital to U.S. and Canadian companies.