LGT Capital Partners has closed its third dedicated co-investment fund on $2bn, smashing its target of $1.5bn.
The vehicle has attracted more than 60 institutional investors.
The firm said Crown Co-investment Opportunities III will continue the investment strategy of its predecessor to build a portfolio of co-investments alongside managers in LGT Capital Partners’ network.
It will focus on buyouts in North America, Europe and opportunistically in Asia-Pacific.
LGT said deals will have to demonstrate visibility on value creation and downside protection.
Wolfgang Müller, partner at LGT Capital Partners, said, “Co-investments have increasingly become a component of diversified private market portfolios. By investing in CCO III, investors get direct access to high-quality transactions well-diversified by sector, manager, geographic region and vintage year. At the same time, they can draw on our dedicated resources and years of experience to execute transactions thoroughly and efficiently.”
Ivan Vercoutère, managing partner at LGT Capital Partners, added, “Our global network of long-standing relationships with private equity managers enables us to access, evaluate and pursue some of the most interesting co-investment opportunities and to be highly selective in investing.
“Given our established leadership and reputation as a reliable and valued partner, we often act as a co-underwriter in transactions. With CCO III, we will continue to work closely with our private equity partners and focus on opportunities with clear visibility on multiple sources of value creation, while ensuring strong downside protection.”
LGT has $85bn under management.
It soared past its $1bn target for its fifth Asia-Pacific private equity fund to strike its $1.65bn hard cap at final close in June.
The new raise comes just two years after the $1bn final close of its fourth fund in the strategy, and marks 34 years of the firm investing in the region.
It also smashed the target for its first dedicated impact fund to reach a $550m final close in the same month. LGT was originally planning to collect $350m for the vehicle.
The firm also hauled in $4.5bn for a secondaries fund in 2021 and following that a few weeks later with a $1.57bn secondaries opportunities vehicle.
Copyright © 2022 AltAssets
