Old Mutual seeks $300m for international FoF – exclusive

The firm, one of Africa’s largest alternative asset managers, is raising its third fund of funds with an international focus.

Old Mutual Alternative Investments, one of Africa’s largest alternative asset managers with $4.1 billion under management, is looking to raise $300 million for its third international fund of funds, Private Equity International has learned.

Fundraising for OMIGSA International Private Equity Fund of Funds III is set to launch in the next few weeks.

The fund will have a similar remit to its predecessors, PEI understands, investing in a geographically diverse “select group of generalist portfolio managers” that focus on non-specialised areas such as “later stage development capital and mid-market buyouts”, according to the marketing materials for 2012-vintage predecessor, the $253 million OMIGSA Fund II.

OMIGSA Fund II’s portfolio, which PEI understands is a good indicator as to the strategy of this latest vehicle, invested in funds such as Carlyle Partners VI, Advent International GPE VII, CVC Asia-Pacific IV, Apollo Investment Fund VIII, and AXA Secondary Fund V. It had achieved a net internal rate of return of 13.3 percent as of June 2017, according to the marketing materials.

Old Mutual Alternatives’ first international fund of funds, the 2009-vintage OMIGSA Fund I, raised $210 million and had achieved a net internal rate of return of 10.7 percent as of June 2017, according to a fund fact sheet seen by PEI.

Fund II has a tranche available for investment by retail or high-net-worth investors. This idea is being considered for the latest fund, PEI understands.