Key Takeaways
- • Headlands Capital Management, founded by former Paul Capital managing partner David Park and Hoover Investment Management executive David Cost, held an interim close on its latest secondaries fund.
- • Headlands Capital Secondary Fund III raised $197.8 million across onshore and offshore vehicles through the interim close.
- • The fund represents a continuation of secondaries expertise from Park's tenure at Paul Capital, a major player in the GP-led and LP-led secondaries market.
Summary
Headlands Capital Management has reached an interim close on Headlands Capital Secondary Fund III, securing $197.8 million in commitments through both onshore and offshore investment vehicles. The firm was founded by David Park, a former managing partner at Paul Capital Partners, and David Cost, an executive from Hoover Investment Management, combining deep experience in the secondaries and fund-of-funds space.
The interim close represents progress toward a larger hard cap for the fund, a common fundraising milestone in the secondaries market where managers hold multiple closes before reaching final capitalization. By structuring the fund across onshore and offshore vehicles, Headlands is accommodating both U.S. and international limited partners, a standard practice for managers targeting global institutional capital.
Park's background at Paul Capital—a New York-based firm known for substantial secondaries and venture capital fund-of-funds vehicles—positions Headlands to capitalize on the specialized expertise required in secondary markets. The interim close signals investor confidence in the team's track record and strategy during a period of sustained activity in GP-led and LP-led secondaries transactions.
The interim close represents progress toward a larger hard cap for the fund, a common fundraising milestone in the secondaries market where managers hold multiple closes before reaching final capitalization. By structuring the fund across onshore and offshore vehicles, Headlands is accommodating both U.S. and international limited partners, a standard practice for managers targeting global institutional capital.
Park's background at Paul Capital—a New York-based firm known for substantial secondaries and venture capital fund-of-funds vehicles—positions Headlands to capitalize on the specialized expertise required in secondary markets. The interim close signals investor confidence in the team's track record and strategy during a period of sustained activity in GP-led and LP-led secondaries transactions.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.