Commonfund Capital has closed its third dedicated private equity co-investment fund, Commonfund Capital Co-investment Opportunities III, LP, at USD160 million, above its USD150 million target.
The fund had strong participation from existing investors as well as a number of new institutional limited partners including foundations, endowments, family offices and sophisticated clients of registered investment advisors and consultants.
Commonfund Capital has invested in select co-investments alongside high conviction managers and sponsors since 1997 with aggregate committed capital of over USD1 billion. It has invested through both its commingled portfolios as well as through its dedicated co-investment partnerships.
“The combination of our industry relationships and access and our focus on a sub-set of what we believe are compelling and resilient sectors should enable us to drive desired returns for our investors,” Says Mark Hoeing, Managing Director and Head of Private Equity. “We are very appreciative of the continued support from existing investors and we welcome new investors in our third dedicated co-investment fund.”
Consistent with its predecessor funds, the new co-investment fund intends to leverage Commonfund Capital’s extensive relationships with private equity managers and sponsors to identify opportunities. Many of its manager relationships are considered sector specialists and generally access—or capacity-constrained.
It is anticipated that the fund will invest in companies across two or three vintage years and focus on small and middle market companies in a growth equity stage of development or be considered small or middle market buyout investments. While the fund plans to be geographically opportunistic, it is expected to tilt toward more developed economies such as the US and Europe.