Exclusive: Montana collects €100m for secondaries

The Swiss fund manager exceeded its €80m target in less than six months

Montana Capital Partners (mcp) has closed its latest secondaries fund having on its €100 million hard-cap, PEI has learnt.

The Switzerland-based firm’s second Annual Secondary Program, which had an €80 million target, was “significantly oversubscribed”, the firm told PEI.

In the summer, the firm started to negotiate with its existing investors, all of whom re-upped. Existing LPs provided more than €80 million, while the remainder came from four new investors. Montana added more than 3 percent to the total through its GP commitment.

Among the LPs were “some of the most reputable and largest family offices in Europe as well as other sophisticated institutional investors such as UK and Swiss pension funds,” the firm said.

“We are delighted that we could justify the trust given to us by our valued investors and repay this trust by generating very attractive returns for them in our last program. We are honoured that all of the existing investors came into our second fund,” Marco Wulff, partner and co-founder of mcp, said in a statement.

The fund continues mcp’s focus on “attractive niches of the secondary market”. The vehicle will target smaller and more complex transactions which are directly sourced. The fund will focus on the acquisition of single private equity funds, small fund portfolios, fund of funds, direct and co-investments as well as more complex structured transactions.

The current annual program is “already significantly invested”, mcp said. The firm will aim to make approximately 10 to 12 investments from the vehicle.

The vehicle is larger than mcp’s prior annual secondary program, which closed on €80 million in 2013, above its €60 million target, the firm said. In that fund, mcp worked with a wide range of sellers including banks, insurance companies, pension funds, family offices and private banks from Europe, the US, the Middle East and Asia, it added.