LGT Capital Partners has closed its third secondaries fund at almost twice the size of its predecessor, reflecting the buoyant conditions for fundraising in this corner of the private equity markets.

In a statement this morning, LGT said it had Crown Global Secondaries III at its hard cap of $2bn. Tycho Sneyers, managing partner at LGT Capital Partners, said: "There was very strong demand for the offering, both from existing and new investors. We capped the fund at $2bn, and it ended up significantly oversubscribed."