Citigroup closes $275m fund of funds

The financial giant’s newest fund will focus on US investments and European buyout funds.

New York-based Citigroup Private Equity, the private equity arm of global financial services company Citigroup, announced the close of Citigroup Private Equity Partners, a fund of funds, on $275 million (€223 million).

 

The fund will make investments in private equity funds across various stages, sectors, geographies and vintage years, with the majority of capital going towards US investments and European buyout funds, according to a press statement. Of the total amount raised, $250 million came from “a global base of institutional and high net worth clients, while Citigroup provided an additional $25 million. The fund has already made undisclosed commitments to five private equity funds.

 

In the statement, Citigroup Private Equity managing partner John Barber said that the fund surpassed the firm’s initial target “due to a high level of demand from our clients for a single, professionally managed platform for investing in the private equity asset class.”

 

Citigroup Private Equity is the investment advisor and manager for more than $10 billion in proprietary and client capital in private equity at Citigroup.