Zurich-based fund of funds manager Akina has held a €73.5 million “first close” on its maiden secondaries fund, according to a statement.
The firm's Euro Choice Secondary vehicle held an interim closing of €30 million late last year and aims to wrap up fundraising in December, according to a spokesperson. The fund came to market in Q3 last year in an attempt to raise €200 million.
Euro Choice Secondary targets high-discount investment opportunities in the European mid-market, focusing on smaller deal sizes between €5 million and €30 million.
While Akina has invested in secondaries before as part of its fund of funds business, this is the firm’s first dedicated secondaries fund. Approximately 50 percent of existing Akina investors have committed capital to the strategy, the spokesperson said.
Euro Choice Secondary has already completed a few transactions from the vehicle, resulting in cash deployment of most of its current capital and a valuation uplift of more than two times the money drawn, Akina said. The underlying funds are invested in companies in the healthcare, energy and food sectors, as well as in infrastructure, distribution and real estate.
“Akina is currently in the advanced stages of executing further investments in excess of €100 million in transaction value. As an advisor we can therefore be very selective. Most of these opportunities are with country funds in the core of Europe, complemented by pan-European mid-market funds,” Christian Böhler, a principal and head of secondary funds, said.
The first close comes just a few months after Akina raised its latest fund of funds, Euro Choice V, which closed on $372 million in April.