Private equity

Raymond James, Evercore, Jefferies and Campbell Lutyens are in the wings for the pension fund’s secondaries sales route.

Secondaries investors in the $1.1bn continuation fund also committed to the firm’s latest fund in market, which closed on more than $2.3bn.

The European buyout firm moved Sunrise Medical into a landmark €2.5bn multi-asset continuation vehicle six years ago.

Crown Secondaries Special Opportunities III has closed on $3bn ahead of its $2.5bn target.

The single-asset continuation fund process is part of a wave of such deals GPs are attempting as a way to deliver proceeds to limited partners in older funds at a time of slow exit activity.

Predecessor vehicle Fund IV is over 75% invested and has a TVPI of 1.5x, according to documents prepared for a US state investor.

Most secondaries funds in a US pension’s list of 21 vehicles target a net IRR of at least 15% and a return multiple of at least 1.5x.

Details of 21 secondaries funds, including those by AlpInvest Partners, BlackRock and Coller Capital, have been disclosed in documents prepared for a US pension.

GSCE VI launched in 2022 and is seeking a slight step up from the amount raised by its predecessor.

Dover Street XI is already 46% larger than its predecessor, which closed on $8.1bn in 2020.