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April 25, 2018  

Viking LPs Pony Up for 'Liquid-Illiquid' Play

Viking Global has raised another $600 million for a lockup fund that invests in both highly liquid public equities and illiquid stakes in private companies.

Viking Global Opportunities, described as a “liquid-illiquid hybrid fund,” began accepting new pledges on Jan. 1. Pledges are due June 1, the Greenwich, Conn., firm wrote in a letter to investors last week. Viking plans to close on the next round of commitments on July 1.

Viking Global Opportunities launched in January 2015. The latest marketing effort marks only the third time it has accepted fresh capital. This time, Viking is locking up the fresh capital for three years, instead of five. It also is lengthening the withdrawal period after that to two years, instead of one.

Viking Global Opportunities replicates the most-liquid equity investments of the firm’s flagship fund, Viking Global Equities, and adds a basket for private equity positions. The $3.1 billion vehicle produced a 15% return over the first nine months of 2017, versus a 12.5% gain for the MSCI World Index. It was down 4.2% in 2016 and up 15.4% in 2015.

Viking Global Equities and the firm’s Viking Long Fund have been closed to new investors for some time. Viking, led by founder Andreas Halvorsen, had $25.1 billion under management at yearend 2017.