Cinven Alum Hunts for Discounted Stakes in Secondaries Funds (1)

Investors have been flocking to secondaries funds, which buy second-hand stakes in private equity vehicles. Now, the concept is being taken a step further with so-called tertiary funds that buy existing stakes at a discount from investors in secondary funds.

Caspar Berendsen, a former Cinven partner who spent two decades at the private equity firm, has amassed $315 million in committed capital for his new Netley Capital tertiaries strategy, according to people familiar with the matter.

Netley Capital started fundraising in March and achieved the first close within six months, the people said, asking not to be identified as ...