Commonfund Capital Secondary Partners IV, L.P. significantly exceeded its $750 million target.
The fund is also larger than its predecessor fund, which was $675 million. Alongside the main vehicle, CF Private Equity raised $110 million for a commingled “overage” fund, Commonfund Capital Secondary Partners IV Opportunities Fund, L.P. The overage fund is an overflow vehicle that will co-invest alongside the flagship in investments where there is excess capacity. In total, the latest dedicated secondary funds closed on over $1.2 billion.
The fund benefited from strong support from our existing investors as well as an expanded investor base including LPs across the U.S. and Europe and included family offices, insurance companies, pensions, RIAs, private wealth platforms, healthcare companies, endowments and foundations. Cari Lodge, Global Head of CF Private Equity Secondaries said, “We are extremely grateful for the strong support from our existing and new investors. It has been a very successful fundraise due to our differentiated strategy and our consistent and attractive returns.”
The Secondaries team, consisting of Lodge, Hong Pan, Stephen Talbot and George Wu, has been together for 11 years and has invested all of CF Private Equity’s prior secondary funds. Along with the very successful fundraise, Pan, Talbot and Wu were all promoted to Managing Director. Lodge said, “Hong, Steve and George have been instrumental to the secondaries program. We look forward to a long future together investing in the growing secondary market.”
Lodge was added to the CF Private Equity board, which oversees CF Private Equity‘s $14 billion in assets under management (AUM) across the private equity secondary, primary and co-investment programs. Mark Anson, Chief Executive Officer and Chief Investment Officer of Commonfund commented, “Cari has demonstrated thoughtful leadership in building a global secondaries program at Commonfund, and I am excited to see the continued success of the team and the program.”
ABOUT CF PRIVATE EQUITY SECONDARIES
CF Private Equity Secondaries invests in the global secondaries market. The program focuses on smaller transaction sizes. Since 2013, when the dedicated secondaries team was established at Commonfund, the team has completed 370+ transactions across 800+ underlying fund interests managed by over 400 managers. CF Private Equity provides a range of liquidity solutions for investors in both LP liquidity solutions and GP-led liquidity solutions. The dedicated secondary funds have approximately $3.0 billion in AUM as of the final close of Commonfund Capital Secondary Partners IV, LP.
ABOUT CF PRIVATE EQUITY
An affiliate of asset management firm Commonfund, CF Private Equity empowers pension funds, endowments, foundations, family offices, investment advisors, and other sophisticated investors to diversify their portfolios with private investments. We combine the scale of a leading global asset manager with the nimble flexibility of a focused boutique, offering access to many of the world’s leading managers in buyouts and growth equity, venture capital, and real assets and sustainability strategies. Our global portfolios are constructed with a diversified mix of primaries, secondaries, and co-investments, with a focus on smaller and growing companies backed by sector and geographic specialist general partners. We also provide direct investing opportunities through secondaries and co-investing programs that provide dedicated exposure to select private companies. Our highly experienced investors reflect Commonfund’s commitment to investment performance and its decades-long commitment to the values of trust, transparency, and ethical behavior. www.cfprivateequity.com
ABOUT COMMONFUND
Commonfund is a leading asset management firm that empowers educational institutions, foundations, pension funds, family offices, RIAs, and other sophisticated investors to achieve their most important goals. Through our Outsourced CIO business, we provide nonprofits access to world-class investment management solutions. Our CF Private Equity business provides access to private equity investments for both nonprofit and for-profit organizations seeking to diversify their portfolios with private investments. Our Commonfund Institute is among the nation’s most trusted sources for relevant, useful, and proprietary data, analytics, and best practices in financial management. All our businesses are united by a relentless commitment to investment performance matched by an equally relentless commitment to the values of trust, transparency, and ethical behavior that have inspired us since our founding more than fifty years ago. www.commonfund.org
