Conversus commits $28.2m to three funds

The Euronext-listed fund of funds has made three new commitments, closed its first secondary fund portfolio and said at year end its net asset value grew nearly 12 percent since its July 2007 initial public offering.

Conversus Capital has started 2008 with a rash of good news: it made three new fund commitments worth $28.2 million (€19 million), grew its portfolio value since listing on Euronext in July and closed its first-ever secondary portfolio, details of which are still to come.

The publicly traded fund of funds had estimated portfolio net asset value of approximately $2 billion, or $27.95 per unit, as of 31 December 2007. The number reflects an 11.8 percent growth since the fund went public in July, but is a slight decrease of $0.01 per unit from the end of November. The net asset value per unit at year-end incorporates a $0.125 per unit distribution paid 17 December, representing roughly a 2 percent annual yield.

“The benefits of our mature, diversified portfolio overcame the negative impact of public markets on our NAV,” Bob Long, president and chief executive, said in a statement. “Additionally, we closed on our first secondary portfolio purchase and continued to execute our strategy of increasing allocations outside the U.S. through commitments to top-tier managers.”

The firm has not yet released details regarding the secondary portfolio it closed, but did say it had committed $28.2 million of fresh capital to three funds: Asia Alternatives Capital Partners II, a pan-Asian private equity fund led by former Hellman & Friedman director Melissa Ma; Bruckmann, Rosser, Sherrill & Co III, a private equity fund run by a New York-based Citi Venture Capital spin-out; and Index Ventures Growth I, a European venture fund that backs technology and biotech companies in Europe, Israel and the US.