SecondaryLink provides exclusive details on the fund's investment strategy, institutional backing, and other details.
Dover Street XII is targeting $20 billion in capital commitments, with a final close expected in December 2027.
The Texas-based alternative investment manager specializes in private credit, with strategies spanning direct lending, portfolio finance, and capital solutions.
The fund's predecessor, Strategic Partners Real Estate VIII, closed with $2.6 billion in capital commitments in 2023.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
The sequel fund has secured $150 million from a California pension and will back venture and growth managers through GP stakes, fund commitments, and co-investments.
TPG GP Solutions II, which held a first close last year, had raised over $1.7 billion in capital commitments as of June.
Ares Real Estate Secondaries X will invest across LP-led portfolio sales, GP-led transactions, and structured secondary deals.
NorthSands Capital I targets single-asset continuation vehicles in well-known sectors, including industrials and industrial services companies.
The pension is also considering allocating to a similar evergreen credit strategy by Pemberton, in addition to a commitment to Cambridge Associates' sequel secondaries fund.
