AlpInvest backs $3bn UniCredit spin-out

The newly independent SwanCap has $450m left to spend of its freshly raised $1.2bn fund.

Unicredit Bank’s ‘Principle Investment Unit’ has become independent and raised its first fund with the backing of AlpInvest Partners, the secondaries and fund of funds specialist owned by the Carlyle Group.

Established in 2001, the former captive unit invested the bank’s balance sheet capital on managing global private equity investments, co-investments alongside other GPs and direct investments. It has offices in Munich, New York and Milan.

Now dubbed SwanCap, the independent alternative asset management firm has closed its first fund – SwanCap Opportunities Fund SCS-SIF – on $1.2 billion.

A statement noted AlpInvest was the lead investor among a group of unnamed ‘prestigious global investors’ and that Unicredit would maintain a passive share in SwanCap’s advisory company.
Fund I consists of “existing private equity investments” acquired from UniCredit through a secondary sale and has approximately $450 million left to deploy on new investments, according to the statement.

Florian Kreitmeier, managing partner at SwanCap, said: “Our strong 13-year track record has enabled us to accomplish an outstanding result in our first fundraising and AlpInvest was a great partner and lead investor in this process. Going forward SwanCap will manage the SwanCap Opportunities Fund for our new investors as well as the remaining and new private equity related investments of UniCredit.”

“AlpInvest is pleased to have been able to help structure the transaction as a lead investor, and to have supported SwanCap in attracting new investors to the platform” said Wouter Moerel, managing director at AlpInvest.