Sal Oppenheim launches first FoF

The German private bank has made a first closing of E60m of its inaugural fund of funds targeting investments in both Europe and the US.

German private bank and asset manager Sal Oppenheim has completed a E60m first closing of Oppenheim Private Equity Holding, its first private equity fund of funds aimed at German investors.

The fund, launched last July, will target buyout and venture capital funds in the US and Europe, with a bias towards US and buyout opportunities. The fund will hold further closings later in the year, with a final closing scheduled for December to reach its target size of E150m.

Sal Oppenheim has formed an alliance with US firm Portfolio Advisors who will provide the fund with a range of investment proposals. “Portfolio Advisors will screen the US market for opportunities and will also assist us with our US reporting,” said Peter Ischebeck of the firm’s private equity division.

In return Sal Oppenheim, which has had a focused private equity team for the past five years, will provide Portfolio Advisors with reciprocal advice for its European activities.

Portfolio Advisors has provided advisory and fund management services for US institutional clients such as IBM, MetLife, Verizon, General Reinsurance, Kansas, Indiana and Pennsylvania Schools.

Ischebeck said the firm was pleased to have reached E60m at first close despite a tough market: “We closed slightly lower than we might have liked but we’re still confident of reaching E150m by December.” He added that the fund is currently carrying out due diligence on three US and two UK investments.