Global asset manager Federated Hermes Inc (FHI) has announced the successful closure of its fifth flagship Private Equity Co-investment Fund (PEC V), raising $486 million.
PEC V’s strategy focuses on alpha generation and grants investors access to leading growth companies in sectors poised to benefit from long-term global economic trends.
The fund, which surpassed its initial fundraising target of $400 million, received commitments from existing investors such as Local Pensions Partnership Investments (LPPI) and Hostplus, as well as new investors from Europe and Korea, including Samsung Life Insurance.
PEC V has already committed to 23 investments, with seven additional investments awaiting approval.
Federated Hermes GPE has allocated $4.5 billion across 278 global co-investments over its 22-year history as of March 2023.
Peter Gale, the CIO and head of private equity at Federated Hermes GPE, commented: “Despite macroeconomic headwinds and a challenging fundraising environment, PEC V has closed well above our original target.
“With the closure of PEC V, we are excited for the next step of seeking to deliver significant cash returns to our investors through investing in growth-oriented, disruptive companies.”
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