SwanCap nears final close for latest fund

Harriet Matthews
24 June 2020

Tweet
Facebook
LinkedIn
Google plus
Send to

SwanCap is nearing a final close for its latest vehicle, Swancap Private Equity Co-Investment Opportunities Fund IV, following a second close in Q4 2019 and a third close in Q1 2020.

The GP launched Swancap Private Equity Co-Investment Opportunities Fund IV in June 2018. The fund held a first close in March 2019 on €97.17m. It is targeting €250m and is currently around 20% above this target, SwanCap CEO Florian Kreitmeier told Unquote.

P+P Pöllath + Partners and Arendt & Medernach are providing legal advice for the Luxembourg-domiciled vehicle, with Aztec Group providing fund and SVP administration services.

The fund had initially anticipated a final close in March 2020, but experienced a slight delay due to the coronavirus pandemic. The launch of Fund V will also be somewhat delayed but is planned for the beginning of Q3 2020, Kreitmeier told Unquote.

The fund will deploy equity cheques with a sweet spot of €10-20m and investments will be split evenly between North America and Europe. The vehicle plans to make 20-25 investments in total and aims to diversify its investment base by sub-sector, sponsor, geography, vintage, strategy and transaction size.

Fund IV had made 10 investments by the end of 2019 and is now one third deployed. The fund has a three-year investment horizon and SwanCap expects to see a pick-up in deal-flow in Q3-Q4 2020. Kreitmeier told Unquote: "We expect to see attractive investment opportunities given market dislocations."

SwanCap's previous vehicle followed a fund-of-funds strategy and held a final close in February 2018 on €433m, surpassing its target of €400m. SwanCap Private Equity Opportunities Fund III invested in funds including Afinum Achte Beteiligungsgesellschaft and DBAG Fund VII.