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LGT Capital Partners, the Switzerland-based investment firm, has raised more than $2.5 billion for Crown Global Secondaries IV, its fourth dedicated secondary fund. 

The fund is expected to be oversubscribed and hold its final closing at the hard cap of $2.8 billion in the coming months, it said in a statement yesterday. Investors in the fund include family offices. A total of 89 institutions from around the world have participated in the fundraising exercise.

The market for private equity secondaries – where investors buy other investors’ stakes – has grown in recent years, driving up liquidity in this market and creating a new way for investors to find an exit. From 1995, across the entire private equity universe, assets rose from $30 billion to approximately $4 trillion 20 years later, according to SEI at the start of November. Four out of ten investors surveyed by SEI recently want to take part in the secondaries market.

With a focus on private markets, LGT Capital Partners is headquartered in Pfaeffikon, Switzerland, and has offices in New York, Dublin, London, Vaduz, Dubai, Beijing, Hong Kong, Tokyo and Sydney. (The firm should not be conflated with LGT, the Liechtenstein-headquartered private bank.)