Private equity fund of funds investor Auda International has held a $332m final close for its latest secondaries vehicle.
Auda Secondaries Fund III picked up almost two-thirds of its committed capital from existing LPs according to CEO Ernest Boles.
He said, “We are also pleased to have attracted 12 new institutional investors, from both Europe and the United States, totaling over 30 per cent of ASF III’s committed capital.
“With nearly 25 years of experience in the private equity markets, Auda’s track record of balancing risk and return clearly resonates with a variety of global investors.”
Auda said ASF III would follow its predecessor funds by focusing on less competitive niches in the global secondary market, especially smaller and more complex transactions.
Stephen Wesson, Auda’s head of global private equity, said, “The private equity secondary market has grown significantly in recent years.
“We believe Auda’s global, integrated platform, which combines primary fund investing, co-investing and secondaries, is a key driver of success in the current environment.
“Our focus on small to mid-size transactions and our ability to engineer creative liquidity solutions for both limited partners and general partners are also critical elements in our strategy.”
Trinity Group, Diversus Investment Advisers, Wise Capital, eQ Asset Management, FPG Partners, DLR Partners and ICECAPITAL Asset Management acted as placement agents for the vehicle according to a filing with the US securities regulator.
The firms closed its last secondaries vehicle on $216m in 2008, five years after it secured $410m for its inaugural secondaries fund.
Auda has raised more than 20 private equity funds since the mid-1990s, mostly fund of funds vehicles ranging from $100m to $400m.
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