Auda closes 12th fund(2)

New York-based Auda Private Equity has closed a $787 million fund of funds and co-investment vehicle.

Auda Private Equity, a subsidiary of hedge fund and private equity investor Auda Advisor Associates, has closed its 12th fund, Auda Capital IV, on $787 million (€589 million). It is the firm’s first fund that includes both fund of funds and co-investment components.

Essentially, Auda Capital IV consists of “two funds – there’s the US-focused buyout fund and also the co-investment fund”, said Donald Rigoni, Auda Private Equity’s senior vice president.

Approximately $402 million was raised for the buyout-focused fund, which will invest in 15 to 20 middle market fund managers, he said.

An additional $385 million was raised that will be used to make 20 to 30 co-investments in buyouts and growth equity financings alongside the fund managers with whom Auda invests.

Auda Capital IV’s limited partners are a mix of institutional investors and high-net worth individuals from the US, Europe and the Middle East.

In 2001, Auda raised its first co-investment-dedicated fund, which closed on $100 million.

The firm’s most recent buyout-focused fund of funds vehicle, Auda Capital III, closed on $240 million in 1999.

Founded in 1989 to advise the investments of the Harald Quandt family, New York-based Auda Advisor Associates manages more than $4.5 billion in capital.