Fifth fund of funds for MPC

German fund of funds investor MPC Capital is looking to raise E50m from private investors for a fund managed by Global Vision.

Global Vision Private Equity Partners, the German private equity fund manager, has secured a fifth mandate from Hamburg-based MPC Capital to manage its latest fund of funds offering for high net-worth individuals (HNWIs) in Germany.

 

The Fünfte MPC Global Equity Fund will seek to raise E50m, with investors committing a minimum of E20,000 to the fund. It will invest in eight to twelve international venture capital and private equity programs, with up to 15 per cent of the fund’s capital available for co-investment opportunities in selected direct investments. The final portfolio will be balanced between early and late-stage investments across telecommunication, information technology and life sciences.

 

MPC is a German-listed financial institution set up for HNWIs in 1994. It originally invested in ships, real estate and the stock market, broadening its remit to include private equity in 1999. Since then, it has teamed up with Global Vision to launch five private equity funds raising a total of E300m. The fund will be raised from MPC’s 5,000 private investors.

 

Global Vision has already identified five funds for potential investment. They include Carlyle/Riverstone Global Energy and Power Fund II, Doughty Hanson’s upcoming fourth fund, Forward Ventures V and Merlin Biosciences III, which held a first close at E125m in September.

 

Last month, Credit Suisse appointed Golding Capital Partners to manage a E25m private equity fund of funds for its German private banking clients hoping to capitalise on a ‘proven demand’ for such funds among wealthy German investors.

 

The fund has a ten year life time, with a three-year extension period available. MCP is hoping to hold a final close of the fund at the end of 2003, a six-month extension to the usual half-year fundraising cycle employed by the firm. “We have allowed ourselves more time to achieve the E50m fundraising target,” said Global Vision’s Reinhard Hartl. “However, we will proceed with raising the sixth fund in 2003 if fundraising is ahead of schedule.”