LGT Capital Partners, the Swiss-based alternative asset manager is to launch a fund of funds targeting investments in the US and Europe. The fund, Crown Global Private Equity (CGPE), is looking to raise E200m which will be invested across buyout and venture capital funds on both sides of the Atlantic.
The fund, which will seek minimum commitments of E5m from institutions across Europe, will be based in Ireland. According to LGT Capital Partners vice president Giacomo Biondi Morra, “What sets this fund apart is that investors will be able to allocate funds strategically across US buyout, US VC, European buyout and European VC, meaning that the portfolio will be suitably diversified for the investor’s needs.”
The fund will be larger than its predecessor, Crown Technology Ventures (CTV), which completed a final closing in February at E192m. CTV has to date made 23 commitments with a total value of E104m. The fund currently has a slight bias towards US funds (52 per cent) over European (44 per cent).
Biondi Morra believes the success of the CTV fund will act as a positive signal for new investors. “Investors will be encouraged to see that, as with the previous fund, LGT is investing in the new fund alongside third party investors,” he added.
LGT is targeting a final close for CGPE in March 2003, with a first closing to be held this October.
LGT Capital Partners now has E2.8bn of assets under management. The team of over 40 investment professionals is also responsible for the investment management of two investment companies listed on the Swiss and Luxembourg exchanges since 1997, Castle Private Equity and Castle Alternative Invest.
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