Global alternative asset manager GCM Grosvenor has hit a $540m final close for its second co-investment opportunities fund.
GCM said it would use the fund to target buyout co-investments alongside private equity sponsors, with a focus on the middle-market.
The firm’s broader co-investment practice has made more than 150 co-investments to date, and raised more than $4.1bn for the strategy over the past two years.
GCM Grosvenor president Jon Levin said, “We believe properly constructed co-invest programs benefit investors’ private equity portfolios by providing complementary exposures, j-curve mitigation, and return enhancement from fee efficiency.
“Our 17-year track record in co-investing, flexible investment platform, and deep relationships with top-tier sponsors enable us to source broadly and be selective in our investments.”
Other recent fundraising activity from GCM includes closing a $983m multi-asset fund last December, which has been targeting investments across hedge fund strategies, private equity and debt, infrastructure, and real estate.
The $57bn-managing firm, which is based in Chicago, has been specialising in alternatives since 1971.
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