Unigestion launches global fund-of-funds

The GP will target €480m for Unigestion Global Choice VII, but this will include the capital already raised for Euro Choice VII, which will act as a pocket for LPs that only want exposure to Europe.

Euro Choice VII was launched in July 2017 with a target of €300m and has recently held a first close. The main vehicle is expected to hold a first close in the coming weeks.

It will be targeting mostly primary buyout funds with a small allocation (20%) to secondaries in order to reduce the J-curve effect.

Since the merger with Akina, Unigestion has kept the secondaries strategies separate. However this raise represented a combination of the firm's primary investment activities.

The GP is targeting a 15% net IRR and TVPI of 1.8x for Global Choice VII. Van Campen Liem is acting as legal adviser.

Investors
The latest strategy has attracted commitments from a range of pension funds, family offices and other institutions from across Europe and the US.

LPs in its previous fund include three pension funds – CNPADC, Schindler Pensionskasse and IMI Pension Fund – as well as the Alfred Dupont Trust, Newbury Partners and family office ROSP Corunna, according to Unquote Data.

Investments
The fund will target investments in small- and mid-cap buyout funds across the globe. The Euro Choice pocket has already made two investments, one of which is a €15m commitment to Swiss PE firm Argos Soditic's €550m Euroknights VII.

People
Unigestion – Christophe de Dardel (head of private equity).

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