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Secondary Investments IV has a $20m hard-cap to stay within its niche, according to co-founder Sherif ElHalwagy.
Baltimore Fire and Police is mulling a commitment to the vehicle.
The firm's latest secondaries fund, the $1.1bn Strategic Secondaries II, was 50% invested as of the end of September.
The firm, which caters to investors from the non-profit sector, is seeking $350m for its latest vehicle.
The secondaries firm may also launch products in real assets and credit, according to parent company Old Mutual Asset Management.
The fund, which has been in the market since 2015, held its final close in June and is already 40% invested, Secondaries Investor has learned.
Endowment Wealth Management, a financial advisor from the American mid-west, has already bought six stakes in startups valued at more than $1bn.
Beate Pelz has left the preferred equity specialist after two and half years as the firm adds an analyst to its team.
Funds that closed this year took on average two months longer to raise than those that closed last year, with the mean fund size slightly up on 2016.
The firm's niche secondaries fund has closed above its $400m target after 16 months of fundraising.