LODH Private Equity holds €296m first close

LODH Private Equity, a Swiss private equity fund of funds manager, has held a €296 million first closing on its latest European mid-market focused fund.

LODH Private Equity, the private equity arm of Geneva-based private bank Lombard Odier Darier Hentsch, has held a first closing of its third fund of funds, Euro Choice III, with €296 million ($373 million) in commitments.
The fund has a target of €350 million and is expected to hold a final close in the third quarter of 2006.
Euro Choice III, like its predecessors, invests in European mid-market buyout and growth capital funds as well as making select direct investments, with typical enterprise values of investee companies ranging from €50 million to €400 million. Euro Choice III has already committed to five funds.
LODH Private Equity said that a number of existing investors from Europe and North America committed to the new fund, along with several new limited partners.
LODH Private Equity raised €167.4 million for its debut fund of funds in 1999, followed by the vintage 2002 €200 million Euro Choice II.