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Paul Capital Partners has wrapped up its ninth private equity secondaries fund, blowing past its goal of $1.5 billion to close with $1.65 billion in capital commitments. The firm now manages $4.2 billion in capital for the secondary market.
The slowdown in deals for private equity firms has been a boon for secondary funds, who have been raising capital in order to cash in on a buyer's market. Secondary sales -- the transfer of partnership interests in funds from one limited partner to another -- have soared to between $10 billion and $12 billion from $7 billion in 2004 and 2005, according to some industry estimates.
Like its predecessors Paul Capital Partners IX LP, the new fund buys interests in both buyout and venture capital funds and portfolios of direct investments. It also has an affiliate fund, Paul Capital Healthcare, that provides up-front cash for future revenue streams of pharmaceutical, medical device and biotech companies. In March 2007, Paul Capital was one of twelve secondary firms to buy Bank of America Corp.'s entire interest in venture capital firm Scale Venture Partners' second fund. - George White See press release See profile of Paul Capital on TheDeal.com See feature on secondaries market on TheDeal.com See Scale Ventures story on TheDeal.com Categories Deal Video
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