Access Capital Partners, the European investment manager, has held a €190 million first close on its Access Capital Fund VI Growth Buy-Out Europe (ACF VI). It began raising the fund in 2013, and has not retained a placement agent to aid in its marketing.
Like its predecessor, which raised €500 million in January 2012 against a €350 million target, ACF VI will invest in small European buyout funds, with 40 percent of the fund’s capital allocated for secondaries deals.
Access Capital managing partner Philippe Poggioli said mixing secondaries alongside primary commitments in its funds of funds had been a growing practice for Access Capital.
“Our second and third fund had a secondaries element of 20 percent; our fourth fund consisted of 28 percent secondaries, and Fund V and VI consist of 40 percent secondary transactions,” he told PEI. “This helps in deal deployment, and plays a contracyclical role in the deployment of assets for fund of funds: the situation in the market is that there are more sellers than buyers at the minute making secondaries expensive, although this will change.”
Poggioli said Access Capital’s pipeline for fundraising looked strong and he expected the fund’s final close within 9 to 12 months.
ACF VI has already completed its first commitment to a UK fund focusing on majority investments at the lower end of the buy-out market, and the firm says it will likely make a further four or five commitments this year.