SwanCap’s opportunities fund holds first close – Exclusive

The firm has collected about half its target of €400m for its third fund, Swan III.

SwanCap Partners has held a first close on its third private equity fund, Private Equity International has learned.

SwanCap Opportunities Fund III has raised about half its €400 million target so far, according to a person familiar with the matter.

SwanCap declined to comment on its fundraising progress.

The Munich-headquartered firm’s investment approach includes three strategies. It invests in mid-market private equity funds focusing on Europe and North America, in direct secondaries, and also makes direct co-investments. In addition, the firm offers customised managed accounts.

It recently featured in PEI sister title Secondaries Investor’s Si30, a ranking of the top 30 managers of dedicated capital raised for secondaries investments over the last five years. Its previous fund, SwanCap Opportunities Fund II, closed on its target in December 2014, raising €600 million.

SwanCap was founded in 2013 by senior professionals who had been part of Italian bank UniCredit’s private equity unit, and now manages a significant portion of UniCredit’s private equity portfolio, which it bought in early 2014.

The firm has about €3 billion in assets under management.