Paul Closes Another Secondary Fund
Investors in Paul Capital Partners IX LP fund included endowments and SWFs.
May 5, 2008
Paul Capital, a New York firm that invests in the secondary private equity market, has closed its ninth secondary fund at $1.6 billion, exceeding its target by $100 million.
The investors in the Paul Capital Partners IX LP fund, announced on Monday by Paul Capital, included endowments, public and corporate pension funds, sovereign wealth funds and family offices. Additional details were not released.
David de Weese, general partner of Paul Capital, said the fund will enable investors in private equity to reduce their holdings while also harvesting capital from investments. “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.”
Paul IX will invest in the purchases of secondary private equity portfolios, including interests in limited partnerships and direct investment portfolios both domestically and in foreign markets.
A firm that also has offices in San Francisco, Hong Kong, London, Paris, Sao Paulo and Toronto, Paul Capital manages more than $4.2 billion in secondary-dedicated capital as a result of the closing. The 17-year-old firm, which has executed more than 150 secondary market transactions, also invests in commercial healthcare products and provides capital to fund healthcare-related investment opportunities undertaken by inventors and universities, as well as supports venture capital investments, according to its Web site.
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