Access to manage new ABN Amro FoFs

French fund of funds manager Access Capital Partners has secured the mandate to manage two new fund of funds for HNWs being launched by ABN Amro.

Access Capital Partners, the French fund of funds firm headed by Dominique Peninon, has been selected to manage two new funds of funds being launched by ABN Amro.

 

AA Advisors, the multi-manager arm of the ABN Amro Group in France is planning to raise two distinct funds for the bank’s high net worth [HNW] clients.

 

The two funds will have a combined target of E75m, and will focus on two separate areas. AA Advisors Private Capital will commit 75 per cent of its capital to growth and buyout funds and 25 per cent to venture capital funds. The second fund, AA Advisors Private Capital Plus, will be split equally between growth and buyout funds and venture capital funds.

 

Access Capital Partners beat off competition from a number of other private equity fund of funds managers in a process that took over a year to complete. The funds are set up as FCPR (Fonds communs de placement à risques) and were approved by the French authorities last month.

 

According to Philippe Poggioli, a partner at Access Capital Partners in Paris, the funds will make some investments alongside the firm’s Access Capital Fund II, which closed on E277m last September. “The funds will be invested across a diverse range of European funds, including venture capital and mid-market, as well as larger buyout and mezzanine funds which Access does not invest in.”

 

The agreement marks a broadening of Access Capital Partners, which has previously only managed capital raised by the firm for its own funds. “The deal is the first of its kind for Access, although we intend to offer fund management services to more firms in the future,” said Poggioli.

 

The funds will be offered to ABN Amro’s clients in France through its private banking and life insurance arms. ABN Amro plans to make the arrangement a recurring agreement, with subsequent funds to follow.

 

AA Advisors was set up in 1998 and is responsible for third-party fund selection at ABN Amro. The company employs 16 people and manages over E1.1bn in multi-manager funds of funds and mandates, both in traditional and alternative asset classes.