Akina-managed Euro Choice Secondary has held a €73.5m first close to help it target mid-market secondary fund investments in Europe.
The fund of funds adviser said it aims to use the vehicle to pick up value and high-discount investments focused on smaller deals of between €5 and €30m.
Euro Choice will target mostly drawn funds investing in health care, energy, food, infrastructure, and distribution and real estate companies.
Akina has already closed a number of deals from the Euro Choice Secondary fund, which have resulted in a valuation uplift of more than two times the money drawn.
The firm’s head of secondary funds Christian Böhler said, “Akina is currently in the advanced stages of executing further investments in excess of EUR 100 million in transaction value. As an advisor we can therefore be very selective.
“Most of these opportunities are with country funds in the core of Europe, complemented by pan-European mid-market funds. They ideally complement the current portfolio and preserve Euro Choice Secondary’s high level of drawn capital.”
Akina closed its lower mid-market-focused Euro Choice V vehicle on $372m in April this year.
That fund will focus on the mid and lower end of the European market through both primary and secondary buyout and growth capital fund investments, as well as selective special situation fund investments.
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