(Bloomberg) -- Coller Capital, one of the first firms to invest in the private equity secondaries market, is expanding its wealth platform with a new fund for high-net-worth investors.

Coller Secondaries Private Equity Opportunities Fund is launching with more than $300 million of seeded capital from Coller and some of its institutional investors, and will be marketed to accredited investors in the US, according to Jake Elmhirst, head of Coller Capital Private Wealth Secondaries Solutions, the firm’s wealth unit. 

The fund, also known as C-SPEF, is a perpetual vehicle offering monthly subscriptions and quarterly redemptions of up to 5% of the entity’s net asset value. It has a $50,000 minimum investment.

Private asset firms are increasingly looking beyond traditional institutional investors such as pension funds and endowments for sources of capital amid a difficult fundraising environment. Blackstone Inc. and Apollo Global Management Inc. are also building wealth units, while Carlyle Group Inc. is readying its first European private credit fund for high-net-worth individuals. 

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Meantime, secondary markets — where backers of private funds can sell their stakes — are attracting investors seeking to snap up portfolios of funds that hold private companies. Many of those have fallen in price amid the fallout from recent macroeconomic volatility and higher interest rates.

“Secondaries provides a really efficient way to access private markets for an individual because it’s so diversified,” Elmhirst said in an interrview.

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Jeremy Coller, a former Fidelity Investments executive, founded his namesake firm in 1990 as a secondaries investor for equity, credit and other private assets. The London-based company had about $29 billion in assets under management as of Sept. 30, and has previously launched closed-end funds for retail investors.

Its latest fund will invest primarily in portfolios of private equity funds that were originally owned by institutional investors, although it will also selectively invest in continuation vehicles and other sponsor-led secondary deals, Elmhirst said.

C-SPEF will charge a 1.65% management fee and no performance fees, he said.

Elmhirst joined Coller in 2022 to help the firm build its secondaries wealth business, which now has more than a dozen staff in the US targeting private investors ranging from high-net-worth individuals to family offices for the super-rich. He previously spent 25 years at UBS focused on private markets and funds.

“We’ve already done quite a bit of hiring,” Elmhirst said. “I’m sure that will grow over time.”

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