Private equity firm PineBridge Investments is reportedly approaching a first close for its third secondaries fund.
The $1.3bn fund will hold a first close by the end of the summer, Financial News said.
Back in December the head of PineBridge’s secondaries team, Harvey Lambert, left the firm for unspecified reasons to be replaced by Steven Costabile.
Other secondary funds currently being raised include RCP Advisors’ Secondary Opportunity Fund II, which has recently lifted its target to $400m from $300m.
PineBridge currently has $6bn of assets under management across its private equity funds.
In October last year the firm held the second close of its Mexico-focused fund of funds on MXN$2.68bn ($209m).
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