GCM Grosvenor has completed the final close of its Secondary Opportunities Fund II (GSF II) with USD700 million in committed capital. GSF II, which held its first close in May of 2017, reached its hard cap.
Fund investors include public and Taft-Hartley pension plans, financial institutions, healthcare systems and endowments, in the US, Europe and Asia.
GSF II will acquire interests in private funds through secondary market transactions, with a focus on transactions of less than USD50 million average deal size. GSF II will target funds oriented toward small and middle market buyout, special situation, growth equity, infrastructure and real estate investment strategies.
GCM Grosvenor has been active in secondary transactions since 2003, with over USD2 billion committed to more than 100 investments.
“We are grateful for the support we received from investors,” says Brian Sullivan (pictured), Managing Director and head of the firm’s secondaries business. “They, like us, view secondaries as a means to diversify their private equity portfolio with mature, high-quality assets, while seeking to mitigate the j-curve and reduce blind pool risk. We continue to see value in the secondary market, and are confident we will identify compelling opportunities on behalf of our investors.”