Altius reaches first close for second FoF

Gatekeeper Altius Associates has held a first close for its second fund of funds on $50m after three months on the fundraising trail.

UK-headquartered advisor and gatekeeper Altius Associates has held a first close for its second fund of funds with $50 million in commitments.

Altius Associates Private Equity Fund II launched three months ago. The firm hopes to raise in the region of $150 million, according to a source close to the process. Debevoise & Plimpton is acting as legal advisor to the fundraising, which is being conducted by the firm’s own team.

Commitments so far have come from existing investors re-upping, but the firm plans to broaden its LP base as it moves towards a final close.

The firm’s latest fund has a similar mandate to its first, a source close to the process said, although there is likely to be a greater focus on secondaries and more exposure to credit funds. Terms are the same as those used for its maiden fund of funds, which raised $100 million in 2007. LPs in that fund included the UK’s Nottinghamshire Pension Fund, according to proprietary PEI Media data.

Altius senior partner Michael Russell left the firm earlier this year to pursue other opportunities in private equity. He had been head of client management, having earlier been head of its European coverage team.

The firm acts as advisor to the Kentucky Retirement System, the Overseas Private Investment Corporation, and as a gatekeeper to CalSTRS.