SIMSBURY, Conn. – After having expanded its private equity strategy to include primary investing and direct co-investing, secondary investor Landmark Partners Inc. has held a close on its current private equity vehicle, said Stanley Alfeld, the chairman and managing general partner of the firm.
Landmark’s eighth fund saw a final close in January on $500 million, and the firm’s eight partners will split into teams that will focus on each of the three types of investing, Mr. Alfeld said. The fund will allocate $200 million to secondary investing, Landmark’s specialty, $140 million to primary investing and $60 million to direct co-investing alongside the private equity groups in which Landmark is a lead investor.
Investors in Fund VIII were permitted to select one or more of the investment options, Mr. Alfeld said.
Landmark will focus on first-time funds and on private equity firms that were formed as a result of general partners leaving more established firms to start their own. The fund will invest in all forms of private equity vehicles, including venture capital.
Mr. Alfeld said half of the limited partners in the new fund are new investors. Approximately 65% of the L.P.s are public and private pension funds, including IBM Retirement Fund, Northern States Power Co. and Houston Firemen’s Relief & Retirement Fund. Other investors include Pacific Mutual Life Insurance Co., The Western and Southern Life Insurance Co., Provident Mutual Life Insurance Co., Champion International Corp. and Memorial Sloan-Kettering Cancer Center.