Robeco Private Equity has held a first close of €50 million on its second private equity fund of funds, which will focus on investments in funds that adhere to socially responsible investing principles.
Robeco, a division of Dutch bank Rabobank, is targeting €250 million for Robeco Responsible Private Equity II, which will stay in fundraising for the next nine to 12 months, the firm said. Rabobank is investing 15 percent up to a maximum of €35 million in the fund.
The investment portfolio of the fund will stretch across 20 to 30 private equity funds and will be diversified by geography, industry, companies and vintage years.
Robeco’s first private equity fund of funds closed in 2004 with $200 million and is fully invested, the firm said. The first fund invested with 20 managers including Apax and 3i.
The second fund has not yet made any investments. Along with Rabobank, limited partners in the second fund include institutional investors from The Netherlands and Italy, the firm said. Robeco is not using a placement agent for the fundraising.
“This fund of funds offers investors the opportunity to invest in a responsible manner in the overall or mainstream private equity markets,” the firm said in a statement.