Akina Partners has amassed €110 million more than its target for its latest fund of funds.
Zurich-based Akina collected €410 million for Euro Choice VI, which focuses on European mid- and lower-market investments, according to a statement. The fund, which had a €300 million target, has already closed 13 deals including three secondaries transactions in Italy, Spain and Central and Eastern Europe, respectively.
It has already made ten primary investments in various European markets, eight of which were on an invitation-only basis.
“Our performance is driven by strong macro convictions, aiming to identify and exploit economic sweet spots in Europe,” Mark Zünd, a senior partner at Akina, said. “We will work hard on delivering enhanced returns to investors and have identified further exciting specialist primary fund investments, which will be considered for Euro Choice VI in the ensuing months.”
Euro Choice VI, which had no hard-cap, will make between 15 percent to 20 percent of its investments in secondaries, a spokesman for the firm told Private Equity International sister title Secondaries Investor in December, when the title reported it was preparing to hold the final close on the vehicle.
The fund had a 1.1x total value to paid in multiple and an 18 percent internal rate of return as of 30 September, according to the statement.
Akina had also collected more than two-thirds of the €225 million target for its dedicated secondaries fund, Euro Choice Secondary II, as of December.
The firm employs around 15 investment professionals and has over €2.3 billion in assets under management.