HQ Capital has allocated approximately 30 percent to secondaries transactions for their latest closed fund of funds vehicle, Auda Capital Fund VII (ACAP VII), according to a source familiar with the matter.
ACAP VII held a final close on $375 million, the firm announced on Tuesday, above its $350 million target, according to a statement from the firm from earlier this week.
About 60 percent of the fund will be allocated towards primaries and approximately 10 percent towards co-investments.
In addition, ACAP VII is separated into two regional vehicles, ACAP VII-US and ACAP VII-Europe, which will respectively seek to make a blend of primary and secondary fund investments with a focus on small and mid-cap funds across the US and Europe, said the person familiar with the matter.
ACAP VII-US and ACAP VII-Europe will be diversified across a number of industries, both funds have already made investments. As of 30 June, ACAP VII-US has made 18 investments and ACAP VII-EU has made 11 investments, said the person.