Fundraising

The fund of funds manager's fifth dedicated secondaries fund will target opportunities in the smaller end of the market.

The target is the highest-ever sought for a vehicle dedicated to secondaries in the asset class.

The firm smashed the $3.6bn target for the fund which was used to launch the hostile takeover bid on SVG Capital.

The Florida pension had previously committed to Lexington Partners' 2013 mid-market secondaries vehicle.

Details of the private equity and real estate secondaries firm's previous funds were also revealed at a presentation to New Mexico's State Investment Council.

The global investment firm is back in market two years after raising the largest-ever pool of real estate secondaries capital.

UK trade minister Mark Garnier said on Wednesday the UK is likely to lose its financial passporting rights as a result of Brexit, but research suggests the alternatives industry would be relatively unscathed.

Standard Life's private equity unit has collected $213m for its latest secondaries fund, which will focus on stakes in funds of funds and secondaries funds, among other strategies.

After a dip in 2015, secondaries fundraising is resurgent, as data from PEI Research and Analytics shows.

The firm raised the capital for its second fund in 18 months from 185 investors.