CF Private Equity Closes 4th Secondaries Fund at $1.1B

CF Private Equity, an affiliate of asset management firm Commonfund, closed its fourth secondaries fund at $1.1 billion, exceeding its $750 million target. The fund is also larger than its predecessor fund, which raised $675 million in 2021.

Alongside the main vehicle, the CT-based manager raised $110 million for a commingled “overage” fund, Commonfund Capital Secondary Partners IV Opportunities Fund. The overage fund is an overflow vehicle that will co-invest alongside the flagship in investments where there is excess capacity.

“We are extremely grateful for the strong support from our existing and new investors. It has been a very successful fundraise due to our differentiated strategy and our consistent and attractive returns,” said Cari Lodge, global head of CF Private Equity secondaries.

The secondaries program focuses on smaller transaction sizes. Since 2013, the team has completed over 370 transactions across more than 800 underlying fund interests managed by over 400 managers. The secondary funds have about $3 billion in assets under management, including the close of Commonfund Capital Secondary Partners IV.

The firm also announced the promotions of Hong Pan, Stephen Talbot and George Wu to managing directors of the secondaries team. Lodge was added to the CF Private Equity board, which oversees CF Private Equity‘s $14 billion in assets under management.