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European private equity firm ARCIS closes €354m secondaries fund17/09/2008. Source: AltAssets. 
 European private equity firm ARCIS Group has closed its fourth secondaries fund, ESD Fund IV, on €354m.
Investors include pension funds, family offices, insurance companies, endowments and foundations and sovereign funds from the US, Europe, Asia and the Middle East. A number of new investors participated alongside existing ones, the firm said.
ESD Fund IV has already invested approximately 20 per cent of its capital, having completed several secondary acquisitions in the UK, France, Germany and Benelux, according to a statement.
The fund will look to provide liquidity to investors in European private equity funds and in portfolios of European private equity-backed companies, in secondary transactions of up to €200m in size.
Arnaud Isnard, managing partner, ARCIS, said, 'The need for liquidity in private equity should continue growing significantly as, in difficult market conditions, more investors face the need to realise or restructure their investments. Although the secondary market has become more diverse and sometimes more competitive, our extensive experience, proven returns and focused strategy to purchase private equity assets in Europe has been well received by investors.'
'Private equity is expected to suffer from the effect of the recent credit crunch and the current environment, which is challenging for valuations and liquidity, represents an attractive opportunity for us,' added ARCIS managing partner Mark Burch.
ARCIS closed its previous secondaries fund in 2004 on €175m.
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