LGT Capital seals huge fund size increase with second co-investment vehicle

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Swiss private equity fund of funds and secondaries specialist LGT Capital Partners has hit a $1.3bn final close for its second dedicated co-investment vehicle.

The firm said more than 40 institutional LPs backed Crown Co-investment Opportunities II, across the spectrum of pension funds, insurance companies and endowments in Europe, the United States, Latin America, Asia, Australia and the Middle East.

LGT partner Wolfgang Müller, “Institutional investors have shown an increasing interest in co-investments over the last few years, and with CCO II, they achieve exposure to a differentiated strategy.

“The fund, which was oversubscribed, focuses on co-investments in buyouts in Europe, the US and Asia, investing alongside high quality fund managers in the LGT Capital Partners network.”

LGT pulled in more than $430m for the final close of its debut co-investment fund in 2015.

The firm raised at least $2.5bn for its most recent flagship secondaries fund, Crown Global Secondaries Fund IV, in 2016.

It said it expected to reach its $2.8bn hard cap for the oversubscribed fund in subsequent months, but has not publicly revealed on how much it eventually closed the vehicle.

Last month AltAssets reported that the $26.9bn-managing Texas Employees Retirement System had made a $100m commitment to LGT Capital Partners’ Crown Secondaries Special Opportunities II.

LGT invests in private equity funds and direct dealmaking, as well as secondaries, and also has private debt and real estate investment units.

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