French secondary investor Committed Advisors has closed its maiden fund on €257m.

Committed Advisors Secondary Fund I was launched in early 2010 with a €200-250m target. The Paris-based GP was founded shortly beforehand by former AXA Private Equity executives Daniel Benin and Barthelemy de Beaupuy.

The vehicle reached first close on €150m in August 2010 and started making investments throughout the second half of the year. The fundraising process was resumed in January 2011.

The fund's fee structure remains confidential. Committed Advisors did not require the services of a placing agent for the fundraising; Ashurst was mandated as legal adviser.

Investors
Around 20 LPs invested in the fund; they include endowments, family offices, financial institutions and high-net-worth individuals.

French investors represent around 20% of the LP base and contributed 10% of the fund's total commitments.

Investments
Committed Advisors Secondary Fund I will look at secondary investment opportunities – including direct secondaries – in North America, Europe and Asia. It will focus on the small- to mid-cap segment of the market.

The vehicle expects to perform around 30 transactions, ranging from €1m to €75m in size. It will mainly consider buyout and growth equity assets, but could also address opportunities in the distressed, turnaround, venture capital and sector-specific spaces.

The fund has already closed eight transactions since launch, with another two pending.

People
Committed Advisors Secondary Fund I is managed by the GP's team of seven, spearheaded by Benin and de Beaupuy.