Apogem Capital Closes its Sixth and Largest Secondary Fund at $614M
New York, NY – Apogem Capital (“Apogem”) held a final close for PA Secondary Fund VI (the “Fund” or “PASF VI”) on June 30, 2022, with approximately $614 million in total commitments. The Fund exceeded its target fund size of $500 million and more than doubled the size of its predecessor fund. Apogem’s Secondaries Team, implementing the same investment strategy, is continuing to build a diversified portfolio of complex and traditional growth, buyout and turnaround investments in the North American middle market through negotiated secondary market purchases.
PASF VI is already capitalizing on the firm’s larger market presence as Apogem, a $39 billion private markets’ investment manager, through its expansive private equity sponsor relationships and increased deal flow generated by the broader platform. The team is aiming to facilitate deals with a research advantage, or a more limited competitive dynamic achieved through existing relationships.
“We believe our leadership position in the middle market is even stronger following the closing of the merger with PA Capital, Madison Capital and GoldPoint Partners,” said Michael Zeleniuch, Managing Director at Apogem Capital. “We offer innovative and timely solutions to LPs and GPs and believe our PASF VI program1, which represents almost $900 million in committed capital, has never been more relevant. The addressable universe of middle market LP and GP secondaries that we pursue continues to grow, and we feel we are exceptionally well positioned given our multi-decade history in the space.”
The Fund’s limited partner base consists of several new investors, including single family offices and pension funds, as well as many existing investors from the firm’s prior Secondary funds.
Chris Stringer, Interim CEO of Apogem said, “We are grateful for the support of our partners in this fundraise, and we are excited to continue delivering creative secondary market solutions well into the future.”
Apogem employees and the firm’s parent, New York Life, also made meaningful commitments.
About Apogem Capital
Apogem Capital was formed in April 2022 through the combination of PA Capital, Madison Capital Funding and GoldPoint Partners to create a singular and unified, world class private markets’ investment firm. With approximately $39 billion in assets under management as of March 31, 2022, we believe Apogem has the deep relationships, data, and history in the middle market to deliver innovative solutions to both clients and sponsors. Apogem Capital offers investors access to the middle market’s growth engine through investments in leading private companies and funds. The Firm manages a streamlined suite of capital solutions, including direct lending, junior debt, primary fund investments, secondary investments, equity co-investments, GP stakes, private real assets and long/short equity. Apogem Capital is a wholly owned subsidiary of New York Life Insurance Company (“NYLIC”), through New York Life Investment Management Holdings, LLC (“NYLIM”).
Media Contacts
Allison Scott
Zef Vataj
[1] Includes the PA Secondary Fund VI, LP fund vehicle as well as separate accounts invested alongside the fund.