The current fund Coller International Partners III, which raised $501 million and closed early in 2000, is fully invested.
Donaldson Lufkin Jenrette
It secondary fund, since DLJ was sold to Credit Suisse First Boston last year, is housed with Credit Suisse First Boston Private Equity in New York.
In 1998 Goldman Sachs raised a $435 million secondary fund, titled the Vintage Fund. This is 75 per cent to 80 per cent invested and Goldman Sachs is about to come back to market to raise a successor fund.
Aiming to raise a first fund of $200 million
Outside the US, investment is done from the HarbourVest International Partners No III Fund, which is almost fully invested. HarbourVest is now raising No IV Fund, which has a target of $2 billion to $2.5 billion. (Fund III raised $1.2 billion.) $1.2 billion has been raised for Fund IV to date. Harbourvest funds are both fund-of-funds and secondary investment vehicles. The latter are treated opportunistically although up to 25 per cent of each fund can be invested in secondary purchases.
Pantheon Global Secondary Fund (PGSF), which raised $418 million
and closed in summer 2000, is approximately 20 per cent invested. Pantheon International Participations (PIP) co-invests with PGSF whereby PIP has agreed terms to share such [secondary] opportunities with PGSF on the basis that the company has
the right to 50 per cent of the value, including uncalled commitments,
up to a maximum of $30 million and to 25 per cent of the value thereafter. In addition to PIP, Pantheon Ventures can also buy secondaries through its regional fund-of-funds, which each have the ability to invest up to 20 per cent in secondaries.
Pomona Capital V, with a target size of $500 million, is currently being raised and is open to new investors. Pomona funds have a global mandate, with no pre-set allocation targets.
Westport Private Equity
Secondary deals currently treated opportunistically.
Last secondary funds raised were in 1992 and 1993, these are in their final stages and Mark Drugan notes that he wouldn’t rule out a new secondary fund raising but it is not
on the horizon.