New York-based Paul Capital has announced the final closing of its ninth dedicated private equity secondaries fund, Paul Capital Partners IX, with USD1.65bn in capital commitments, above i
New York-based Paul Capital has announced the final closing of its ninth dedicated private equity secondaries fund, Paul Capital Partners IX, with USD1.65bn in capital commitments, above its hard cap of USD1.5bn after strong demand from investors.
The fund’s investor base includes endowments, public and corporate pension schemes, sovereign wealth funds and family offices. Paul Capital now manages more than USD4.2bn in secondary private equity investments.
Paul IX will focus on the acquisition of secondary private equity portfolios, including interests in limited partnerships and portfolios of direct investments. The fund will draw on the firm’s relationships with institutional investors and general partners through offices in Hong Kong, London, New York, Paris, San Francisco, Sao Paulo and Toronto.
‘Secondary transactions enable investors to manage their liquidity profiles by treating private equity holdings as they would most any other asset class,’ says Paul Capital general partner David de Weese. ‘Increasingly, banks, insurance companies, pension funds, family offices, and other holders of private equity are turning to us to help them trim their portfolios and manage risk exposure and liquidity.’
A pioneer of the secondary market, Paul Capital says it has built upon its global reach, creative deal structuring, and reputation for fairness and discretion to provide liquidity solutions to limited partners around the world.
‘Investors continually seek us out for liquidity given our reputation for innovative solutions and unique deal structures,’ says another general partner, Bryon Sheets. ‘In this current market environment, such creative thinking and discreet approaches are welcomed more than ever. We are excited about the opportunities for Paul IX.’
Founded in 1991, Paul Capital manages USD6.6bn in capital commitments for its three investment platforms, comprising private equity secondaries, healthcare royalty and revenue interests and funds of venture capital funds. The secondary funds have completed more than 150 acquisitions of limited partnership interests and portfolios of direct private equity investments. Through its secondary fund programme, Paul Capital has become a limited partner in more than 300 partnerships and 500 funds.
