A Swiss-based private equity fund of funds has taken just four months to reach an initial close on a new secondaries fund, despite tough conditions for attracting money, demonstrating the strength of demand among investors for second-hand private equity assets.

LGT Capital Partners has raised $268m (€189m) for Crown Global Secondaries II, according to a statement.. LGT has committed $50m of its own money to the fund, which has a $750m target and no upper limit, according data provider Preqin.