Golding hits €375m final close on its largest FoF

The manager expects to begin capital raising for the predecessor fund in the second half of 2021 and is also in market with a co-investment vehicle.

Golding Capital Partners has held the final close on its latest fund of funds vehicle on €375 million, the largest the firm has raised for the strategy.

The firm began capital raising in 2018 with a €350 million target.

Nearly 30 investors committed to Golding Buyout 2018, mostly insurance companies, pension funds, banks and foundations from German-speaking countries, according to a statement seen by Private Equity International. More than 75 percent of its LP base are existing investors, some of whom have invested in Golding’s private debt and infrastructure programmes.

Buyout 2018 will focus on growth opportunities created by digital transformation and invest across buyout and growth capital managers, secondaries transactions and co-investments, according to the statement. Target GPs are specialists in technology, healthcare and industrial services.

Around 80 percent of the vehicle has already been allocated to 17 target funds, the firm said. It is set to deploy the majority of the capital this year.

The Munich-based investment firm expects to ultimately have exposure to around 300 buyout transactions, broadly diversified across regions, fund managers and vintage years. In recent months it has completed several secondaries transactions and seven co-investments, according to Daniel Boege, head of buyout at Golding.

“Historically, funds from vintages that invested in the years after a crisis had good entry opportunities. So, we are confident that we will deliver our target returns for our investors with this buyout programme too”, said Matthias Reicherter, managing partner and CIO at Golding, in the statement.

Along with its latest offering, the firm is also raising capital for a co-investment sleeve targeting €200 million. A first close is expected by this spring.

Golding expects a busy year for deployment and is set to raise the successor buyout fund of funds vehicle during the second half of the year. It is targeting €400 million, according to Boege.

Capital raising for fund of funds vehicles stood at $22.4 billion in 2020, dipping slightly from the previous year’s $27.7 billion, according to PEI’s full-year 2020 fundraising report.