AGF launches first institutional FoF

French fund of funds manager AGF Private Equity is planning a E200m fund targeting institutional investors.

French fund of funds manager AGF Private Equity is currently in the process of launching a E200m fund of funds, its third to date, aimed solely at institutional investors.

AGF Group will provide around E100m of the capital for AGF Private Equity Holding, with the remainder being raised within the first half of this year. “The fund is targeted at sophisticated investors experienced in private equity investment,” said Pierre-Antoine de Selancy, director of investments at the firm’s fund of funds unit.

Unlike the firm’s previous funds, AGF Private Equity Holding will invest solely in European funds, with a greater emphasis on buyout funds than venture. “The fund will have a 100 per cent European focus. We decided it was better to select the best funds in your own region.”

According to de Selancy, who had spells at Coller Capital and Fondinvest before joining AGF, the fund will also target co-investment opportunities and the ‘exciting’ European secondaries market.

AGF has been involved in fund of funds for six years, and currently manages E550m across 50 investments. The firm also manages E150m of early-stage direct investments in life sciences and technology companies based in France. AGF Private Equity is owned by German insurance group Allianz via AGF Group (Assurances Générales de France).