Proskauer Rose advised Hollyport Capital on the formation of the asset management firm’s latest fund making investments in “mature” private equity funds in the secondary market, the law firm said Thursday.
The Hollyport Secondaries Opportunities Fund VIII closed with more than $2.2 billion in commitments, significantly better than its $1.5 billion target, Proskauer said.
Hollyport specializes in secondary transactions that allow private equity investors to realize value, and liquidity, from portfolios of mature assets. It says it has over $4.7 billion under management with investors including institutions, family offices, endowments, and high net worth individuals.
The new fund, which made its first investment in March, has entered into acquisition agreements that will account for around 15% of its target investment program, Proskauer said, adding that it has advised on several of those deals.
Proskauer said its team advising Hollyport was led by private investment funds partner Nigel van Zyl and associate Rob Newham, with private funds associates Tosin Adeyeri, Lucy Spencer, Yizhen Clark, and James Baikoff. The team also included secondaries partner Christopher Robinson, and tax partners Robert Gaut, Jeremy Naylor, and Richard Miller, among others.
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