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Secondaries veteran Pomona holds $1.75bn hard cap final close for Fund VIII

15 Apr 2014

dollar large_sqExperienced fund of funds and private equity secondaries investor Pomona Capital has held a $1.75bn hard cap close for its latest vehicle.

The firm aimed to gather $1.3bn for Pomona Capital VIII but was substantially oversubscribed, the asset manager said.

AltAssets revealed last October that Pomona had pulled in $1.14bn from 96 investors towards the fund, which used Larrain Vial Investment, UBS, KB Investment & Securities and Vantage Capital Markets as placement agents.

The fund follows Pomona’s seventh secondary vehicle, which was closed on $1.3bn in July 2009, beating its $1bn target.

Pomona plans to use its latest vehicle to pick up interests in private equity funds as well as portfolios of private equity-backed companies.

The firm was an early pioneer in the private equity secondaries market, having entered the business 20 years ago.

CEO Michael Granoff said, “Over the years, Pomona has executed a differentiated middle-market value strategy in the secondaries business.

“Our approach resonates with investors who recognize the long-term attractiveness of private equity but are concerned about risk.”

Pomona said LPs investing in the fund included pension funds, sovereign investors, financial institutions, endowments, foundations and family office from more than 25 countries.

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