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Adveq closes $458m fund of funds, promotes three

The Swiss secondary specialist has more than doubled its previous 'unique investment strategy' vehicle.

Swiss fund of funds manager Adveq has closed its second “opportunity” fund on $458 million (€296 million).

The fund, which more than doubles its $170 million predecessor, will target “special and unique investment strategies outside the traditional private equity sectors of venture capital and buyouts in the US”, according to a statement.

Adveq, which manages roughly $3.6 billion in assets, could not be reached for comment.

The 9-year-old firm also promoted three recent staff additions to managing directors.

Chief financial officer Philippe Bucher, formerly an auditor at Arthur Andersen; executive director Nils Rode, former management consultant with McKinsey & Company; and executive director Lee Gardella, former managing director at CTC consulting, all received promotions.

The firm currently has offices in Zurich, New York, and Frankfurt, and just last year opened shop in Beijing.