Apogem Capital held a final close for PA Secondary Fund VI with approximately $614m in total commitments. The Fund exceeded its target fund size of $500m and more than doubled the size of its predecessor fund.
Apogem’s Secondaries Team, implementing the same investment strategy, is continuing to build a diversified portfolio of complex and traditional growth, buyout and turnaround investments in the North American middle market through negotiated secondary market purchases.
PASF VI is already capitalizing on the firm’s larger market presence as Apogem, a $39 billion private markets’ investment manager, through its expansive private equity sponsor relationships and increased deal flow generated by the broader platform. The team is aiming to facilitate deals with a research advantage, or a more limited competitive dynamic achieved through existing relationships.
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“We believe our leadership position in the middle market is even stronger following the closing of the merger with PA Capital, Madison Capital and GoldPoint Partners,” said Michael Zeleniuch, Managing Director at Apogem Capital. “We offer innovative and timely solutions to LPs and GPs and believe our PASF VI program1, which represents almost $900m in committed capital, has never been more relevant. The addressable universe of middle market LP and GP secondaries that we pursue continues to grow, and we feel we are exceptionally well positioned given our multi-decade history in the space.”
The Fund’s limited partner base consists of several new investors, including single family offices and pension funds, as well as many existing investors from the firm’s prior Secondary funds.
Chris Stringer, Interim CEO of Apogem said, “We are grateful for the support of our partners in this fundraise, and we are excited to continue delivering creative secondary market solutions well into the future.”
Apogem employees and the firm’s parent, New York Life, also made meaningful commitments.
Source: PR Newswire
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