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Banner Ridge raises $1bn secondaries fund to take advantage of “incredible opportunity” created by pandemic

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Secondaries private equity specialist Banner Ridge Partners has almost doubled its AUM by collecting $1bn for its latest secondaries fund, just 18 months after closing its predecessor.

The firm’s debut independent fundraise, which it termed Fund III, was closed last year on $550m, including $100m from the New Mexico Educational Retirement Board.

 

Anthony Cusano, co-founder and portfolio manager, said, “The pandemic has created an incredible opportunity for us to make unique secondary investments in a market that rewards both complexity and innovation. We have expanded our investment team to include a broad array of skills, which has led to increased deal flow and better access to information, allowing us to make more informed investment decisions.

We are well-positioned to take advantage of the opportunities that arise from being a distressed and special situations specialist. We have made several investments in the Fund and continue to make progress on a robust pipeline of opportunities that align squarely with our proven secondary investment strategy. We are grateful to have been entrusted by an exceptional group of investors and we look forward to continuing our long-term track record of outperformance on their behalf.”

BRP IV was the third fundraise since the firm became an independent business in June 2019. It hit a $300m hard cap close for its first fund dedicated to primary fund investments in March.

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