Akina Partners will hold closes on its dedicated flagship secondaries fund and its fund of funds after raising more than €450 million across the two vehicles.
The Zurich-headquartered investment firm has collected more than two-thirds of the €225 million target for Euro Choice Secondary II and is planning to hold a third close in December, a spokesman for the firm told sister site Secondaries Investor.
The fund launched in the first half of the year and the firm held a second close on more than half its target in July, as Secondaries Investor reported.
Akina has also exceeded the €300 million target for Euro Choice VI and expects to hold a final close in January, the spokesman said. The fund of funds, which has no hard-cap, will make between 15 percent to 20 percent of its investments in secondaries, although the fund has no strict allocation to the strategy.
The European specialist has been cautious about UK-focused investments since June’s Brexit referendum, and has reduced its sterling-denominated exposure to the country via various secondaries transactions, Christian Böhler, the partner in charge of Akina’s secondaries programme, said.
The firm expects deal volume in Europe to be “flattish” next year, and for more tail-end funds to hit the market or seek liquidity solutions as 10 and 12-year-old vehicles come to the end of their lives, Böhler said.
Akina employs around 15 investment professionals and has €2.3 billion in assets under management.