SWITZERLAND/GLOBAL - Swiss alternative asset manager LGT Capital Partners has closed three private equity funds after raising $4.1bn from institutional investors.
LGT Capital said it was surprised by the amount of capital raised given the current financial environment, with some 60% to 70% coming from pension plans.
"We are pleased that we were able to raise significant capital for our funds during a difficult fundraising environment and a great time to invest. We are always very careful that we don't raise more than we can profitably deploy, and the end result is in line with what we aimed for," said Sneyers.
LGT said it was particularly pleased with the heightened interest in single investor accounts.
"We saw a significant interest in customized single investor accounts, and we were positively surprised by the amounts investors allocated to us. It clearly shows that certain institutions have large allocations available for private equity," Sneyers told GP.
He added: "Our focus on providing differentiated programmes, as well as customized solutions for clients, has clearly met the needs of institutional investors in Asia, Australia, Europe, Middle East and North America."
Crown Premium IV, which focuses on European and US middle market buy-outs, was the first investment programme to close in May 2010 with €562m ($735m) in subscriptions.
The second to close was Crown Global Secondaries II in July 2010 with $1.2bn in subscriptions. Crown Europe Middle Market II, which focuses on Europe only, closed in July with €429m in subscriptions.
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