NEW YORK – INVESCO Partnership Fund II, a private equity fund-of-funds, is expected to wrap this fall, having achieved a second close in June on an undisclosed amount, said Parag Saxena, head of INVESCO Private Capital.
The $500 million-targeted fund reached a first close in February (VCJ, March, page 25).
INVESCO had completed fund raising in the United States, but the group was still on the European fund raising trail at press time, Mr. Saxena said.
He declined to name limited partners, but said more were from the United States than Europe. He also said a significant amount of capital for the latest fund had been raised from existing investors of INVESCO, formerly known as Chancellor LGT Capital Management.
The private equity head would not say how close INVESCO was to its fund-raising target, other than to say “we are significantly to where we would have hoped the whole fund to be.”