Patria Investments has launched its inaugural secondaries fund following its acquisition of Abrdn’s European private equity business – Patria Secondaries Opportunities Fund V, which is aiming to raise $500m according to a report by Secondaries Investor.
The report cites documents prepared for the San Bernardino County Employees’ Retirement Association’s board meeting on 18 July as conforming the fundraising target, with Patria planning at least two closes for the fund this year. A cornerstone first close is scheduled for August and a subsequent first close in September, although the final closing date has yet to be disclosed.
Patria Secondaries Opportunities Fund V will have a four-year investment period post-final close, followed by a six-year term, which can be extended for two additional one-year periods at the general partner’s (GP) discretion, with limited partner (LP) approval required.
Management fees for the fund are set at 1% on commitments during the investment period, dropping to 0.75% on net asset value thereafter. The fund carries a 10% performance fee over an 8% preferred return.
The fund’s predecessor, Fund IV, closed in 2022 with $506m, including a $100m separate account that invested alongside the vehicle.
Patria’s secondaries programme focuses on high-quality assets in the lower mid and mid-market segments, allocating approximately 65% to LP portfolios and 35% to GP-led transactions.
Patria acquired Abrdn’s European private equity business in a deal that closed in April 2023, as part of its strategy to expand its mid-market alternatives offerings.
