Landmark Partners, a private-equity firm that has invested in secondary deals since 1989, is seeking $2.5 billion for a new pool to buy existing stakes from other funds, according to a person familiar with the situation.
Landmark Equity Partners XV LP, which the firm started marketing this week, can invest globally and will primarily purchase buyout fund stakes from firms focusing on Western markets, said the person, who asked not to be indentified because the information is private.
Scott Conners, partner at the Simsbury, Connecticut-based firm, didn’t respond to an e-mail request for comment.
Several secondary firms have raised or targeted funds of $1 billion or more this year to scoop up private-equity assets from sellers including banks and pension plans. GS Vintage Fund VI LP, the latest secondary fund from Goldman Sachs Group Inc.’s private-equity group, is targeting $4.5 billion, according to researcher Preqin Ltd. Coller International Partners VI LP, a fund managed by Coller Capital Ltd., closed on $5.5 billion earlier this year.
There are presently 31 secondaries funds in the market seeking a total of $24 billion, according to data from London-based Preqin.
Landmark raised $2 billion for its most recent private-equity fund, Landmark Equity Partners XIV LP, in 2008. That fund has completed 25 deals representing 198 interests in 184 partnerships, according to the firm’s website.
In one recent deal, Landmark was a lead investor in a new fund raised by Willis Stein & Partners that is keeping alive some investments made by Willis Stein’s 2000 buyout fund.
Founded in 1989, Landmark Partners invested exclusively in private equity until 1996, when it created its real estate secondaries business. The firm has formed 27 funds focused on venture capital, buyouts, mezzanine and real estate.