Rothschild reaches €1bn final close for latest GP-led secondaries fund

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Rothschild & Co has surged past its target for its fifth Five Arrows Secondary Opportunities fund to reach a €1bn final close.

FASO V, which was initially targeting €700m, will target GP-led secondaries, predominantly in the European small and mid-market.

The firm said it expects to use the fund for deals with equity tickets of €10m to €100m per transaction.

FASO V is the 16th fund raised above its expected target by Rothschild & Co’s Merchant Banking business over the last 10 years, and brings its total AUM to about €13bn.

Marc-Olivier Laurent, executive chairman of Rothschild & Co’s Merchant Banking business, said, “We are delighted with the success of the FASO V fundraising and are grateful for the support of both our existing investor base as well as our new investors.

“I am confident that under the leadership of Mireille Klitting, we will continue to develop our secondaries business and work hard to generate the returns our investors expect from us.”

Klitting, the managing partner of the fund, added, “The secondary direct market continues to grow strongly with the need for ever more sophisticated solutions for complex needs. FASO V is well-positioned to further capitalise on this opportunity due to the depth of our experience gained during more than 16 years in this market.”

Last year FASO IV completed its investment period, having made 15 investments from the €451m vehicle.

The Fund also had a number of liquidity events, with FASO IV having distributed over 40 per cent of the capital funded to date.

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