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The fund will be seeded by a portfolio of 12 GP-led investments made using the Canadian insurer's general account, Secondaries Investor has learned.
Strategic Partners Fund IX is likely to be one of the largest ever secondaries funds, with a target of $13.5bn.
This year’s ranking of the industry’s biggest secondaries fundraisers is larger and broader than ever.
Niche buyer Felicitas targets fund stakes, direct secondaries, preferred equity and fund financings at the small end of the market.
Community organisers cited the secondaries firm's 2019 investment in Pretium Partners, whose portfolio company HavenBrook is facing scrutiny.
A successful fundraising by the secondaries business would help to prove investors are not concerned about a conflict of interest.
The preferred equity specialist is on track to nearly double its AUM with the latest flagship vehicle.
The firm's outlook and performance were outlined in documents obtained from the Minnesota State Board of Investment.
Landmark Real Estate Partners IX would overtake its 2018-vintage predecessor as the largest secondaries fund raised in the asset class.
The lower mid-market firm was targeting $150m for an overage fund to take advantage of opportunities brought about covid-19.