Feri GmbH launches third customised fund-of-funds vehicle

01 June 2001

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Fund

Feri GmbH, the Bad Homburg-based asset management company, has recently launched its third customised fund-of-funds, a vehicle which allows institutions to customise their investments in the asset class to suit their precise requirements. Feri was founded in 1988 and has historically specialised in providing a wide range of services to predominantly private and family investment groups. In recent years, however, it has begun to cater for a growing number of institutional clients, especially those keen to increase their exposure to alternative assets, and private equity in particular. Last year the group launched Feri Private Equity Trust I, a Euro 50m fund-of-funds vehicle in which its clients were the sole investors; this was then followed up by SVF Private Equity Trust I, a second vehicle of a lower fund volume in which the investors are clients advised by SVF AG, a group of independent financial advisors.

Dr Peters Private Equity I, the groupâ€™s latest vehicle, has identical terms and conditions as SVF Private Equity Trust I; the fund is structured as a German GmbH & Co KG with a management fee of 1.5%; a 15% carry is subject to a 10% hurdle.

Investors

The latest fund-of-funds vehicle managed by Feri is designed exclusively for Dr Peters GmbH, a Dortmund-based real estate and marine investment fund manager.

Investments

Feri is an experienced investor in private equity funds, having made commitments worth over DM 1bn. Until the launch of its first fund-of-funds, its investment programme was governed primarily by the needs of individual clients; as a result, fund investments have been made to a variety of vehicles. Although few details have been disclosed, it is understood that the group will continue to take positions in a wide range of funds in the US and Europe, both in the buyout and venture capital sectors. Dirk SÃ¶hnholz, managing partner at Feri Private Equity GmbH, comments that up to 20% of fund volume is an open allocation and may, for example, be invested in worldwide, mezzanine, distressed situation or Israeli-based funds. Lately, however, the groupâ€™s investment focus has moved more towards European mid-market buyout and venture funds; it is known that the group recently made an undisclosed commitment to TechnoStart Ventures II. SÃ¶hnholz adds that Feri carries out extensive due diligence in order to establish the top 10 funds for the particular sectors in which it is seeking to invest.

People

Feri Private Equity GmbH is responsible for the analysis, allocation, setting-up and management of the groupâ€™s fund-of-funds vehicles. The company is headed by managing partner Dirk SÃ¶hnholz.