Akina closes fifth FoF on $372m

The Zurich-based firm is also in market with a Europe-focused secondaries fund.

European fund of funds manager Akina has closed its Euro Choice V fund on $372m.

The fund focuses on the middle to lower end of the European market through primary and secondary buyout and growth capital investments.  Akina spun out of Lombard Odier in 2000 and had an overall target of €600 million, or roughly $823 million, for the fund of funds.  The firm held a first close in July 2012.

In addition to the Euro Choice V fund close, Akina is also in fundraising for a new fund focused solely on the European secondaries market.  The firm said in a statement that they launched the fund following conversations with investors who wanted access to European vintages they missed during and immediately after the 2008 crisis.

Investors that held back during those years are now interested in working with a specialist to identify off-market opportunities and specialist industrial funds.  “The current market environment is favourable for private equity as it provides for a healthy deal flow at very interesting entry levels for primary as well as secondary fund investments,” said Mark Zünd, senior partner of Akina, in the statement. 

According to PEI’s Research & Analytics team, secondaries specialists collected $22.2 billion in 2013 worldwide.  Over the past two years secondaries firms have collected $44.1 billion in total, up from just $9.6 billion in 2011. Akina’s secondary fund had its first close in December of 2013, with a final close expected later this year.