Fundraising

The Paris-headquartered firm has raised €180m for Mantra Secondary Opportunities III, topping its target of €150m, according to a source.

The vehicle will focus on preferred equity, NAV-based lending and have a pocket to make secondaries investments with sub-private-equity return profiles.

The Stamford-headquartered firm aims to be ‘the biggest small guy’ in secondaries, targeting inefficiencies in the lower-mid market.

The London-based secondaries buyer is targeting $585m for Keyhaven Secondaries Fund III, Secondaries Investor reported in November last year.

The bank moved a $1bn portfolio of assets off its balance sheet into a vehicle anchored by secondaries capital, a repeat of a deal it executed last year.

The alternatives giant has closed at least three balance-sheet real estate secondaries deals prior to launching a formal fundraise for the strategy.

VC Secondaries Fund V is being raised by the recently acquired Greenspring Associates team, whose last independent secondaries fund was $800m in size.

The liquidity provider closed its debut fund in 2019, with support from Coller Capital, Goldman Sachs Asset Management and Morgan Stanley AIP.

The above-target close is the culmination of a multi-year rebuilding process at the German asset management giant.

The secondaries giant was expecting a first close on its LCP X flagship in the third quarter of this year, documents seen by Secondaries Investor show.