Germany’s Sal Oppenheim merges funds of funds

The consolidation of CAM Private Equity and VCM Capital Management will create a single fund manager committing capital to venture, growth capital, buyout, mezzanine, distressed debt and infrastructure funds.

German bank Sal Oppenheim Group plans to merge its two fund of funds vehicles, CAM Private Equity and VCM Capital Management, into a single firm focusing on venture, growth capital, buyout, mezzanine, distressed debt and infrastructure.

The merged fund of funds group will be called Sal Oppenheim Private Equity Partners and is set to launch 1 January 2009, according to the bank. The Sal Oppenheim Group will own a minimum of 60 percent of the firm, and the rest will be owned by the partners, according to a bank spokesman.

“Both companies are working on the same product field, private equity fund of funds, but on different sectors and different regions,” the spokesman for the bank said. “So joining them together we could bring those two companies together and could become a bigger player on the European market.”

The firm will be led by partners Rolf Enders, who will lead the services division; Stefan Herzog, who will head up the investment division and Rolf Wickenkamp, who will take over the marketing and sales side of the firm.

Herzog said the firm will focus on venture and growth capital, buyout, mezzanine, distressed debt and infrastructure, including co-investments and secondaries, in Europe, Asia and the US.

The firm will offer support to institutional investors, high-net-worth individuals and family offices in Europe, Asia and the US in setting up and managing private equity and debt portfolios, Wickenkamp said.

“We can build upon a broad private and institutional client base, particularly in the German-speaking countries and in Europe,” Wickenkamp said.

CAM, based in Cologne, has been looking to expand its limited partner base into the US. A potential investor told PEO in 2007 that CAM was talking to a number of North American pensions and endowments looking to diversify its investments in Europe. The firm’s traditional investor base has been drawn from German-speaking countries in Europe.

Also in 2007, CAM closed its fifth fund of funds for private investors on €115 million and launched a joint venture with US-based Newmarkets Partners to launch a flexible emerging markets fund of funds. CAM also has offices in Munich, Amesterdam, Copenhagen, Madrid and Greenwich, Connecticut.

Munich-based VCM closed its VCM Golding Mezzanine II, its second fund of funds with Golding Capital Partners, on €238 million in August 2006.