Five Arrows Secondary Opportunities IV (FASO IV) has held a final close at €451 million, beating its target of €400 million. As in predecessor funds, Rothschild Merchant Banking will continue to focus on European small and mid-cap secondary transactions, with an emphasis on secondary direct investments.
The majority of the capital raised came from re-ups, with strong interest from new investors such as family offices.
The previous vehicle in the series closed at €259 million in July 2012. FASO III also surpassed its target of €200 million thanks to investors including Luxempart.
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