Industry super fund Hostplus has committed to a global private equity growth capital fund which has closed over target at $US486 million.

Federated Hermes (NYSE: FHI) announced the final close of its fifth flagship Private Equity Co-investment fund (PEC V) on 12 July.

Fundraising was launched in December 2021 with a target of $US400 million. Hostplus has committed to prior Federated Hermes PEC funds. Pension funds from various countries also re-committed to the strategy while new investors came from Europe and Asia including South Korea’s Samsung Life Insurance.

PEC V is already being invested globally in leading growth companies, alongside the investments of well-proven private equity managers in the growth companies space. The portfolio strategy aims to deliver strong and sustainable returns from companies in sectors set to benefit from long-term global trends.

Federated Hermes chief investment officer and head of private equity Peter Gale said: “Despite macroeconomic headwinds and a challenging fundraising environment, PEC V closed well above our original target. This demonstrates that there is an ongoing appetite for the unique opportunities that Federated Hermes Growth Private Equity provides.”

PEC V has already committed to 23 investments with a further seven approved by its investment committee.

Image: Federated Hermes chief investment officer Peter Gale.