Finvest Asset Management (Finvest) has been allocated $2.5 billion (€1.9 billion) for direct private equity investment by an unnamed European family office. The Finvest Private Equity Fund will target the “significant value opportunities” created by the market downturn, the firm said in a press release.
The fundraise comes just three months after Finvest was awarded a $300 million mandate from a European high-net-worth individual for investment in hedge funds.
The private equity fund intends to invest in up to 100 companies with values ranging between $10 million and $250 million. Although it will not rule out investments in companies with market capitalisations of below $200 million, it will favour higher market capitalizations. The intended investment time frame is three to five years.
Mayer Greenwald, one of the firm’s portfolio strategists, said in a statement said “While we are not looking to cut corners on due diligence, we are looking to fast track the allocation process so that we can take advantage of a market which has been beaten to shreds”.
Established in 2000, Finvest merged with the funds of funds investment arm of Scandinavian rival Sampo Group in 2002. It has a head office in Zurich, Switzerland and a research office in New York. It intends to open offices in London and Cyprus soon. Finvest currently has more than $3.2 billion assets under management.