TZURICH. Germany – Advisers on Private Equity AG (ADVEQ) announced last month a first close on its second European fund-of-funds, Private Equity European Partners II LP at E130 million ($124.5 million). The fund is well on its way to reaching its target amount of u300 million ($287 million), which it is expected to achieve in the coming months. The fund will invest in early-stage and small-to-medium-sized enterprises primarily, with a particular focus on high-tech investments.
Following in the footsteps of Private Equity European Partners I, which launched in 1998 with a total capitalization of u96 million ($92 million), Fund II will consider first time investment teams, although the lion’s share will concentrate on follow-on investments in new funds with teams that Adveq is already familiar with.
It is anticipated that the fund will make around 25 investments ranging from u5 million ($4.8 million) to u20 million ($19.2million). The majority of the fund will be allocated to continental Europe, but will also focus on the increasing number of U.K. firms that are active in the continental market.
Since its inception in 1997, Adveq’s funds have investment relationships with 50 private equity teams in the U.S., Europe and the Far East. Adveq currently manages four fund-of-funds with over $400 million of capital under management. The company offers two investments programs, investing in seed and early-stage in the U.S., and committing to early-stage and small company focused funds in Europe.