GLOBAL - LGT Capital Partners has closed its Crown Global Secondaries II (CGS II) fund after total subscriptions from pension funds and other investors reached US$1.2bn.
The fund first closed in August 2009, after which LGT increased the target cap from $750m to $1.2bn.
LGT has been investing in secondaries for more than 10 years, and over that period has achieved an internal rate of return in excess of 25% and returned 81% of called capital to date.
Investors in CGS II include government and corporate pension funds from Australia, Bahrain, Canada, Denmark, Finland, Germany, Iceland, Japan, Kuwait, Malaysia, Netherlands, Singapore, Sweden, Switzerland, Taiwan, UK and the US.
Partner Ivan Vercoutere said: "We have completed over 20 transactions so far for CGS II, in which we have acquired a total of over 50 underlying funds that have invested in North America, Europe and Asia. These transactions have performed very well and we believe our disciplined approach of acquiring high quality assets through mid sized transactions will continue to achieve attractive returns."
An analysis of IGC annual reports finds some lacking in information on value for money, costs and charges, and investment performance. James Phillips explores the findings
A new cost transparency solution is being developed for pension schemes by a financial services technology firm.
Supermarket giant Asda's plans to reform its pensions have been decried as "unfair, unreasonable and unnecessary" as the workers' union began talks with the employer.
The Pensions Administration Standards Association (PASA) has launched a checklist to help trustees with the rectification process for guaranteed minimum pensions (GMP).