Access Capital Partners has held a first close at €70 million on Access Co-Investment Fund Buy-out Europe, according to a statement from the firm.
The co-investment vehicle, targeting €150 million, will focus on direct investments into European smaller buyout transactions. Ninety percent of investors in the co-investment vehicle are existing Access investors. The fund will be invested alongside a single client mandate, Access said.
The fund will aim to create a portfolio of around 15 co-investments, focusing on “entrepreneurial businesses with attractive growth profiles and a solid base for add-on acquisitions”. The vehicle will complement investors’ existing commitments to Access funds, bringing benefits such as faster deployment and the potential for higher returns, Access said.
In a statement in mid-October Access said it had collected €350 million for its sixth buyout fund of funds, which is targeting €400 million. Since then Access Capital Fund VI Growth Buy-out has reached its target, and is on-track to hold a final close on its undisclosed hard-cap in early 2015. Launched in 2013, the vehicle held a first close on €190 million in January.
In October Access said the fund had already committed to nine small primary private equity funds and had completed one secondary transaction, PEI sister publication Secondaries Investor reported earlier.
The Paris-based firm is also in market with its second private debt fund, targeting €150 million. The fund will make private debt and mezzanine investments in Europe’s mid-market through co-investments, along with primary and secondary commitments.