CEE, Russia-focused FoF raises €45m

Finnish fund of funds manager Amanda Capital has held a first close of a new fund of funds, which has already acquired an interest in a Russian fund managed by Siguler Guff.

Helsinki-based fund of funds investor Amanda Capital has held a first close on its latest vehicle, Amanda III Eastern Private Equity, with €44.5 million ($57.2 million) of commitments.

The fund will make up to ten investments in expansion capital, mid-market and buyout funds focused on Russia and Eastern Europe.
 
Petteri Änkilä, CEO at Amanda Capital, told PEO that the vehicle, which held its first closing yesterday, is on course to reach its target of €100 million with a final closing expected by May 2007.
 
To date, Amanda III Eastern Private Equity has received €10m of commitments from Amanda Capital. Änkilä declined to disclose the names of other current limited partners, but said that the firm would be broadening its investor base geographically in further closings.
 
“The reason we held a first close now was that there are a few interesting funds closing and we wanted to get in on those and then continue fundraising,” he said. “So far, we’ve mainly approached Finnish investors, but we want to extend that abroad to look at the rest of Scandinavia and some other parts of Europe.”
 
Änkilä said that the new vehicle has already made its first investment with the acquisition of Amanda Capital’s $12 million commitment to Russia Partners II fund, a vintage 2004 $335 million (€260.6 million) private equity fund managed by US-based Siguler Guff. Russia Partners II makes growth and expansion capital investments in companies operating in the Russian Federation and other countries of the former Soviet Union.