Access Capital Partners, the French-based fund of funds manager, has held a final close of its second European fund of funds, Access Capital Fund II.
At the time of its launch in January 2001, the firm had targeted a final close of between E300m and E400m for the fund, which has two compartments focusing on technology and buyout funds respectively. The fund held a first close at E200m in June 2001, but subsequent events and a major downturn in confidence in the technology sector made the original target less attainable.
The buyout section secured E154m in commitments, but the technology section fell short of its target raising E123m. “The amount raised is lower than we had originally hoped for, but given the change in the market during the last eighteen months, we are pleased that we have raised sufficient capital to pursue our initial investment strategy,” commented Access Capital partner Philippe Poggioli.
The fund, which will specifically target mid-market buyout funds and European technology venture capital funds, has already made commitments to three European buyout funds and four technology funds, including the ACT 2001 Venture Capital Fund in Ireland. “We are looking to make three to four commitments per year over the next four years to each compartment.”
The fund has attracted predominantly European institutional investors, although a number of US and Middle East investors have also participated.
Founded in 1999, Access Capital Partners now has over E570m under management. The firm’s first European fund of funds raised E250m in 1999-2000. It is now fully committed to 22 funds covering eight European countries.