Commonfund Capital has held the closing of its third global private equity fund, Commonfund Capital Global Private Equity Partners III at USD236.6 million, above its prior global fund that closed at USD228.8 million.
The fund had strong participation from existing limited partners as well as a number of new investors; limited partners included pensions, foundations, endowments, insurance companies, family offices and sophisticated clients of registered investment advisors and consultants.
Commonfund Capital has been investing in private equity since 1988 and specialises in smaller and medium sized funds and managers that are sector and geographic specialists, many of which are capacity constrained and difficult for investors to access.
According to London-based Managing Director Miriam Schmitter, head of Commonfund Capital’s private equity investments outside the US: “This partnership is designed to serve as a complete global private equity investment program that enables investors to commit to a single partnership and access private equity opportunities in the US, Europe and other developed markets and in select emerging markets. The partnership is intended for investors looking for a complete, alpha-focused private equity solution backing highly sought after and niche managers.”
The fund intends to have a concentrated number of managers in each geography that demonstrate the ability to identify compelling investment opportunities, partner with successful portfolio company management teams and add value through strategic, financial, and operating expertise specific to their sector of specialisation (such as healthcare, information technology, specialty manufacturing and business services).
Schmitter adds: “In addition to select primary manager commitments, for return purposes as well as for J-curve mitigation, the fund will have exposures to secondaries and select co-investments.” And she adds, “We are very appreciative of the continued support from existing investors and we welcome new investors in our third global fund.”
