Access Capital Partners, the manager and advisor of European private equity funds of funds, has raised E200m at first closing of its fund of funds [FoF], Access Capital Fund II. The capital raised has mainly come from existing investors, but the company aims to announce the final closing at E500m later this year with significant commitments from new investors.
This first closing of Access Capital Fund II (ACF II) takes place less than two years after the launch of ACP's first fund of funds, Access Capital Fund (ACF), an E250m private equity fund of funds. ACF II is structured with two separate components: the first targeting European mid-market growth and buy-out funds, the second focused on European technology-related venture capital funds. Investors in the FoF can choose from 5 diversification options to suit their allocation strategies.
Access Capital makes the point that ACF II is a pure fund of funds which means that it will make no direct investments in companies. Its focus is on Western Europe. Each of its two components will invest in approximately 15 funds at their inception. ACF II may also make secondary investments in existing funds, for an amount up to 20 per cent of its committed capital.
Access Capital Partners has E450m under management and a team of 12, including 8 investment professionals. ACP's first fund of funds, Access Capital Fund, is already committed to 19 funds in Europe and Israel. It should be fully committed before the summer of 2001. The company has offices in Paris and Guernsey.