Wilton”™s Commonfund Capital has closed its third global private equity fund, Commonfund Capital Global Private Equity Partners III L.P., at $236.6 million.
The fund had strong participation from existing limited partners as well as a number of new investors; limited partners included pensions, foundations, endowments, insurance companies, family offices and sophisticated clients of registered investment advisors and consultants.
Commonfund Capital has been investing in private equity since 1988 and specializes in smaller- and medium-sized funds and managers that are sector and geographic specialists, many of which are capacity constrained and difficult for investors to access.
The fund intends to have a concentrated number of managers in each geography that demonstrate the ability to identify compelling investment opportunities, partner with successful portfolio company management teams and add value through strategic, financial, and operating expertise specific to their sector of specialization (such as health care, information technology, specialty manufacturing and business services).
London-based Managing Director Miriam Schmitter, head of Commonfund Capital”™s private equity investments outside the U.S., remarked: “In addition to select primary manager commitments, for return purposes as well as for J-curve mitigation, the fund will have exposures to secondaries and select co-investments.”
Since Commonfund Capital’s inception in 1988, it has managed close to $19 billion in cumulative commitments from investors, approximately $9 billion of which is within the buyouts and growth equity stages of private equity through its global funds, geographic-specific funds, and separate accounts.
The remaining commitments consist of venture capital ($6 billion), real assets and environmental sustainability ($3.3 billion) and multi-assets ($0.7 billion).
