Banner Ridge Partners announced it closed fundraising for Banner Ridge Secondary Fund VI (BRP VI) at its hard cap, securing $4.2 billion in total commitments, including a $200 million commitment from Banner Ridge. The New York-based firm said the fund was oversubscribed and drew support from a broad mix of institutional investors, including pension funds, insurance companies, endowments, and family offices.
BRP VI is the latest vehicle in Banner Ridge’s flagship secondary program and the fourth secondary fund the firm has raised since becoming an independent business in June 2019. Banner Ridge said it will continue to pursue opportunities in parts of the market defined by structural complexity and limited access to information, using a mix of primary, secondary, and co-investments alongside specialist private equity sponsors.
The firm traced the strategy back to 2010 at its prior organization, saying the partners have committed more than $15 billion across more than 200 discrete managers focused on opportunistic credit and special situations globally. Banner Ridge described the current private markets backdrop as shaped by constrained liquidity and a growing use of secondaries as a portfolio management tool—conditions it believes are creating an attractive opportunity set for its approach.
Banner Ridge said it has expanded its investment team and is building a pipeline of potential transactions consistent with its secondary strategy. The firm, which described itself as a $15.4 billion multi-strategy private equity investment firm, invests across primary, co-investment, and secondary strategies, targeting niche markets and deep value opportunities.
KEY QUOTES
“The continued lack of liquidity in the private markets, paired with greater acceptance of secondaries as a portfolio management tool, is driving exceptional opportunities for us. We have continuously expanded our investment team to include a broad array of skills, which has led to increased deal flow and better access to information, allowing us to make more informed investment decisions. We are well positioned to take advantage of the opportunities that arise from being an opportunistic credit and special situations specialist.”
Anthony Cusano, Co-Founder and Portfolio Manager, Banner Ridge Partners
“We have made several investments in the Fund and continue to make progress on a robust pipeline of opportunities that align squarely with our proven secondary investment strategy. We are grateful to have been entrusted by an exceptional group of investors and we look forward to continuing our long-term track record of outperformance on their behalf.”
C.J. Driessen, Co-Founder, Banner Ridge Partners
