Adveq promotes two as new fund launches

The Zurich-based fund of funds manager has announced two internal promotions to the position of executive director. The moves come as the firm launches its third European fund.

Rainer Ender and Tom Eriksson have been appointed executive directors at Adveq, the Swiss private equity fund of funds manager that is hitting the fundraising trial with its third European fund.

Ender, 36, joined Adveq in 2001 to focus on private equity investments in Europe and client relationships with institutional investors in Switzerland. Before joining Adveq, he was an underwriter for alternative risk transfer at Zurich Reinsurance Company and a manager in the financial risk management practice at Arthur Andersen.

Eriksson, 37, joined in June last year having previously been at Finland’s Wärtsilä Corporation, where he held the positions of CFO in the marine division, vice president of group M&A and strategy, and treasury manager. While there, he was responsible for several private equity transactions. Prior to that, he had worked in capital markets at Dresdner Kleinwort Benson in Frankfurt and Union Bank of Finland in Helsinki.

Said Bruno Raschle, managing director of Adveq: “These appointments come at an important time for Adveq, as we will be placing our third European fund of funds with institutions over the next months. With the broad experience they bring, Rainer and Tom complement the existing management team in an excellent way.”

PEEUP III is Adveq’s third European fund of funds and seventh fund in all. It has a target capitalisation of €325 million ($426 million) and will be placed with institutional investors in the first half of 2005. The fund will commit to around 25 European fund managers in the areas of venture capital and small, medium and large-size buyouts.

Founded in 1997, Adveq has $1.5 billion under management, employs 30 staff and advises on over 100 fund investments around the world. Approximately 90 percent of its investors are international institutions.