Firms & Funds

Landmark returns with Fund XVI, seeking $4.7 bln

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Landmark Partners, private equity, New Mexico State Investment Council, pension fund, Pavilion Alternatives
The U.S. side of the Niagara Falls is pictured in Ontario, January 8, 2014. The frigid air and "polar vortex" that affected about 240 million people in the United States and southern Canada will depart during the second half of this week, and a far-reaching January thaw will begin, according to AccuWeather.com. REUTERS/Aaron Harris (CANADA - Tags: ENVIRONMENT TRAVEL) - RTX176RB
  • New Mexico SIC commits up to $100 mln
  • Fund XV closed on $3.25 bln in early 2015
  • Landmark tells SIC Fund XV is 90 pct invested, less than two years after final close

Landmark Partners is planning to raise up to $4.7 billion for its 16th flagship fund, executives told New Mexico State Investment Council in a video recording of the meeting.

As with previous funds, Landmark will use Fund XVI to acquire limited-partner stakes in mature private equity funds across a wide range of U.S. and European strategies. New Mexico SIC committed as much as $100 million to Landmark Equity Partners XVI at its meeting earlier this week, spokesman Charles Wollmann wrote in an email.

“Many of the fund’s economic terms are consistent with other secondary funds in the market,” wrote consultant Pavilion Alternatives Group in a memo for the council. New Mexico SIC previously committed $20 million to the firm’s 11th fund and $100 million to Fund XV, which closed on $3.25 billion in early 2015.

Fund XV is about 90 percent invested, Landmark executives told the SIC. Landmark Equity Partners XIV, a 2008 vintage fund, has netted a 12.3 percent internal rate of return since inception, according to New York City documents.

Landmark is led by Chairman and Managing Partner Francisco Borges and Managing Partner Timothy Haviland. Partners include Chad Alfeld, Ian Charles, Barry Miller, Robert Shanfield, Barry Griffiths, James McConnell and Tina St. Pierre, a presentation included in New Mexico’s meeting materials showed.

The firm declined to comment.

Action Item: More about Landmark Partners: www.landmarkpartners.com