LGT Capital Partners closed its third dedicated co-investment fund at $2 billion, surpassing its goal of $1.5 billion.
The vehicle attracted more than 60 institutional investors.
The company said Crown Co-investment Opportunities III will continue its predecessor’s investment strategy to build a portfolio of co-investments alongside LGT Capital Partners’ network managers.
He will focus on takeovers in North America, Europe and opportunistically in Asia-Pacific.
LGT said trades will need to demonstrate visibility into value creation and downside protection.
Wolfgang Müller, Partner at LGT Capital Partners, said: “Co-investments have increasingly become a component of diversified private markets portfolios. By investing in CCO III, investors gain direct access to high quality deals that are well diversified by sector, manager, geographic region and vintage. At the same time, they can rely 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 allows us to access, evaluate and pursue some of the most interesting and to be very selective in terms of investment.
“Given our established leadership and our reputation as a trusted and valued partner, we often act as co-underwriters in transactions. With CCO III, we will continue to work closely with our private equity partners and focus on opportunities with clear visibility into multiple sources of value creation, while providing strong downside protection.
LGT has $85 billion under management.
It surpassed its $1 billion target for its fifth Asia-Pacific private equity fund to hit its cap of $1.65 billion at the final close in June.
The new raise comes just two years after the final $1 billion close of its fourth fund in the strategy, and marks 34 years of the company’s investment in the region.
This too smashed the goal of its first dedicated impact fund to reach a final close of $550 million in the same month. LGT originally planned to raise $350 million for the vehicle.
The firm also hauled in $4.5 billion for a secondary fund in 2021 and a few weeks later with a $1.57 billion secondary opportunity vehicle.
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