– Pomona Capital closes 2nd fund-of-funds

Pomona Capital, the secondary private equity investor and fund-of-funds manager, has made the final closing on its second fund-of-funds, called Pomona Partnership Holdings II, and affiliated funds. The affiliated funds are offshore funds representing around $45 million of the final amount. The closing reached $119.4 million (E1.27 million) on an original target of $75 million.

The strategy of Pomona Partnership Holdings II is to invest across the entire private equity fund spectrum with a particular emphasis on venture capital. At the time of closing Pomona Partnership Holdings II had committed to 14 private equity funds including Alloy, Blackstone Communications, Boston Ventures, CMG @ Ventures, Doll Technology, Hellman & Friedman, Menlo Ventures, Polaris, Seven Rosen, Silver Lake, Spectrum and Weiss Peck & Greer. Pomona Partnership Holdings I had investments in just 12 private equity funds. This first fund invested in 1998 and 1999 and had an interim IRR at the end of 1999 of 73 per cent net to investors.

Pomona Capital’s primary business is the purchase of interests in private equity funds from limited partners who desire liquidity prior to the term of a partnership. Pomona Capital sources transactions globally from offices in New York and London and has around $600 million currently under management across six funds raised since 1994.