Pinebridge Investment closes mid-market buyout fund with £686 million

Private equity manager PineBridge Investments has closed the PineBridge Secondary Partners fund after raising $880 million (£686 million) over five months.

The fund gives exposure to buyout strategies in the US middle market sector and has interest mainly in the industrials, consumer discretionary, financial and information technology sectors. The successful fund raising followed the closure of the PineBridge Secondary Partners IV fund in March this year, after it raised $568 million ($443 million). “PineBridge PFG continues to have a successful year, not only closing our flagship PSP IV secondary fund above target, but also raising an addition $880 million for our PSOP fund,” commented PineBridge’s global head of the private funds group, Steven Costabile.

PineBridge manages £68 billion in assets and has committed £11.7 billion to private markets since 2000, including £3.5 billion to secondary markets. Its main focus is on global small and mid-market opportunities within private markets.