Akina holds interim closings on three funds

The European fund investor’s buyout, secondaries and co-investment funds are all more than halfway to their targets.

European fund investor Akina has held interim closings for three of its funds, the firm said.

An Akina spokesman told Private Equity International 's sister publication Secondaries Investor that Euro Choice VI, which focuses on buyout, growth capital and select special situation opportunities in mid-sized European companies, has raised “substantially” more than two-thirds of its target size. According to PEI data, the fund is looking to raise €300 million and held a first close on €180 million in November.

The fund focuses on primary fund investments but also makes secondaries investments. It has already made two secondaries deals in Italy and Spain, and eight primary investments including in the Benelux countries; UK, France, Germany, Italy, Spain and Sweden, the firm said.

It is expected to hold a final close on 31 October.

Its predecessor, Euro Choice V, fell short of its €600 million target after it launched in 2012. It held a final close on €372 million in April 2014, according to PEI data. British pension fund IMI Common Investment Fund is a limited partner in the fund.

Akina's first dedicated co-investment vehicle, Euro Choice Direct, which is targeting €150 million, has held an interim close on nearly half of its target, according to the spokesman. The fund has made three co-investments so far.

The Zurich-based firm also said its second dedicated secondaries fund, Euro Choice Secondary II, held a close on €120 million, more than halfway toward its €225 million target .  Akina said it targets value, inflection point and high-discount opportunities in the European mid-market of between €5 million and 30 million.

Its predecessor, Euro Choice Secondary, was oversubscribed and held a final close on €224 million in January 2015, above its €200 million target, according to PEI data.