Mantra rakes in €120m for MSO II, reaches first close on fund of funds

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Mantra has raised €120m for the hard-cap final close of its Secondary Opportunities II vehicle amid hitting a first close for its fund of funds vehicle.

The firm said it is using the oversubscribed secondaries fund to back mature private equity funds in uncrowded niche strategies.

MSO II has completed three investments so far and expects to close two more investments before the end of 2018. Mantra closed the fund processor on a €80m hard cap back in 2015.

Alongside the secondaries fund close Mantra said its fund-of-funds vehicle, Mantra Primary Opportunities 2018, achieved its first close and has made its first two investments.

The fund provides free co-investment in all the funds it takes stakes in. MPO 2018 is close to completing its third deal, with nine more opportunities under advanced analysis.

“The appeal of niche private equity is the remarkable inefficiency when it comes to pricing versus potential appreciation,” says Antoine Drean, founder and managing partner of Mantra.

“The niche investments we focus on also benefit from less correlation with public markets and less reliance on debt than the mainstream. We are delighted by the investor support we’ve received for MSO II and MPO ‘18.”

Formed in 2007, Mantra focuses on niche and listed private equity strategies, with offices in Paris, New York and Luxembourg.

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