Permal Capital Management, a leading secondary market investor and private equity fund-of-funds manager, has announced the closing of Permal Private Equity Opportunities V, its fifth dedicated secondary fund, with aggregate commitments totaling $465 million exceeding its target of $450 million.
Consistent with its prior secondary funds, PPEO V will seek opportunities at the smaller end of the secondary market, emphasizing single interests and smaller portfolios, sourced through a global network of relationships established and maintained by PCM. PPEO V will predominantly invest in partnership interests, but may also participate in non-traditional secondary transactions, such as secondary directs and structured transactions.
Investors in the Fund include public and private pension plans, healthcare institutions, Taft-Hartley plans, foundations, endowments, family offices and high net worth individuals.
PCM has raised and monitors funds with original commitments of $2.4 billion across 18 multi-manager investment vehicles, as well as other investment structures, with the aggregate amount of secondary capital accounting for $1.7 billion. For more than 14 years, PCM has sourced and closed secondary transactions. PPEO V continues the strategy of its previous secondary fund, Permal Private Equity Opportunities IV, a fund with commitments of $403 million.