Glendower Capital has closed its fourth private equity secondary fund at $2.7 billion. The fund’s investors include public and corporate pension funds, sovereign wealth funds, insurance companies, endowments, foundations, wealth platforms and family offices. Debevoise & Plimpton LLP‘s private funds team served as legal counsel to Glendower.
LONDON and NEW YORK, July 31, 2019 /PRNewswire/ — Glendower Capital (“Glendower”) today announced the final closing above the initial hard cap at US$2.7 billion for Glendower Capital Secondary Opportunities Fund IV, LP (“SOF IV”), its fourth global secondary private equity fund. SOF IV represents Glendower’s first fundraising since its founding by its partners as an independent secondary private equity manager in 2017. Investors in SOF IV represent a high quality, diversified global group that include public and corporate pension funds, sovereign wealth funds, insurance companies, endowments, foundations, wealth platforms and family offices.
Commenting on the closing, Carlo Pirzio-Biroli, CEO and Managing Partner, said, “We are honoured and very grateful for the strong support of our existing investors, as well as the new investors that joined our program in this fund. In line with the fast growing secondary opportunity set, we have more than doubled the size of our team since the firm’s founding and significantly invested in resources to continue strengthening our platform. We maintain a high degree of conviction in the asset class and are focused on our mission of delivering outstanding results for our investors now and into the future by coupling attractive risk-adjusted returns with high quality client services.”
Charles Smith, CIO and Managing Partner, added, “With the experience and depth of our team, we believe Glendower is well positioned to take advantage of immediate and medium-term investment opportunities, and the investment program of SOF IV is off to a strong start. The very positive response from investors is a testament to the quality and experience of our team and successful secondary investment strategy pursued together since 2006.”
The private funds team at Debevoise & Plimpton LLP served as legal counsel to Glendower Capital.
About Glendower Capital
Glendower Capital is an independent secondary private equity firm founded in 2017 by its partners who have worked together in secondaries for more than fifteen years. Glendower acquires secondary private equity assets providing liquidity solutions to investors globally. The team has a long history of executing a range of transactions with sellers – from the acquisition of limited partnership interests to the more complex GP-led transactions.
Headquartered in London with offices in New York, Glendower manages US$5.7 billion in commitments dedicated to secondaries.