Auda closes $410m secondary fund

The New York private equity and hedge fund investor will focus on acquisitions of buyout, venture and mezzanine private equity interests.

New York private investment management firm Auda Advisor Associates announced the final close of its Auda Secondary Fund on $410 million (€334 million).

The oversubscribed fund will focus on secondary acquisitions of buyout, venture and mezzanine private equity interests primarily in the United States and to a lesser extent in Europe, according to a statement. This is Auda’s first secondary vehicle, though its Secondary Group has completed more than 50 transactions over the past 12 years, the statement said.

Auda Advisor Associates was originally founded in 1989 to advise the Harald Quandt family on its US investments. Harald Quandt is one of the investors who saved BMW after the car manufacturer’s emergency refinancing in 1959. Today, Auda manages $2.8 billion in both private equity and hedge fund vehicles. Auda is also an advisor to certain private equity and hedge funds of funds sponsored by Franklin Templeton Investments.