Fundraising

A trio of Swiss private banks have launched Hermance to access alternative assets.

The fund reached its €550m hard-cap and included €50m of its own capital, partner Kristian Carlsson Kemppinen told Private Equity International.

Funds with a final target size of $1bn or more accounted for 62% of capital raised in 2017.

Continued spending and economic growth in Africa could hint at a return for private equity fundraising in 2018, according to Sherif Elkholy, partner at Actis.

The firm joins the likes of Bain, TPG and Goldman Sachs in targeting social and environmental impact with the registration of KKR Global Impact Fund.

The fund has a €500m target and will invest in European SMEs that are driven by environmental trends.

The Singapore-headquartered firm expects to raise more than a third of its $300m target by April.

After more than two years in market, the RBS spin-out has beaten its original target to raise £402m for growth investments in financial services.

Existing investors, mainly Malaysian public pension funds and corporations, have backed the fund.