Glendower Capital, the private equity secondaries arm of alternative investment firm CVC Capital Partners, closed its fifth fund, Glendower Capital Secondary Opportunities Fund V, at its $5.8 billion hard cap, said Nick Board, a CVC Capital spokesman, in an email on Monday.
The firm's latest fund is more than double its predecessor $2.7 billion Glendower Capital Secondary Opportunities Fund IV, which closed in July 2019.
The fund invests in midmarket buyout funds through portfolio sales of limited partnership interests as well as through GP-led transactions. Glendower targets buyout fund investments managed by high quality general partners, the release said.
Glendower today has $13 billion in assets under management.
Investors in the fund include $12.8 billion Louisiana State Employees' Retirement System, Baton Rouge, and $3 billion Chicago Policemen's Annuity & Benefit Fund.
The fundraise concluded at the hard cap and "attracted investment from a diversified and global institutional investor base of over 230 returning and new limited partners," the release noted.
CVC manages more than €140 billion ($154.2 billion) of AUM globally. It is based in Luxembourg.
