Adveq amasses $568m in dry powder

The Swiss fund of funds investor has raised nearly half of the combined $1.3bn it is seeking for its fourth European vehicle, its second Asia fund and sixth technology fund.

Zurich-headquartered Adveq is well on its way to meeting several fundraising targets, according to recent filings with the US Securities and Exchange Commission.

The 12-year-old fund of funds manager has raised nearly $417 million for its fourth Europe-focused fund of funds, which has a $500 million target according to the SEC documents. The firm closed Adveq Europe III in December 2006 on its €325 million target. Its strategy was to invest in primarily buyout-focused European fund managers.

Adveq has raised nearly $90 million on the way to a $425 million target for Adveq Technology VI. Its predecessor closed on roughly $435 million in January 2007. Its technology programme focuses on investments in US venture capital and technology funds.

The firm has also raised more than $61 million for its second Asia-focused fund of funds, which has a $350 million target. Its debut Asian vehicle closed on more than $200 million in 2007, the same year it opened its Beijing office. Its Asian programme invests in venture capital, development capital and buyout opportunities mostly in India, China, Japan and Australia.

Portland, Maine-headquartered Foreside Fund Services helped raise the capital in the US, according to the filings.

Adveq declined to comment.