Blue Capital secondaries fund delays close

Hamburg-based Blue Capital, a subsidiary of the HVB Group, Germany's second largest bank, has announced that the closing of its Blue Capital Equity II - secondaries fund has been extended to the 30 June 2004 . The fund has so far raised E12m and is expecting to close on E20m. It will have an estimated life span of six years, until December 2010. As with previous Blue Capital funds, it will target German private clients and institutional investors. The fund will invest in no more than four secondary transactions and reports suggest that it has already selected two funds to invest in: BC Partners' European Capital VII and the Carlyle Group's Carlyle Partners III fund. It is assessing secondary sales involving both buyout and venture funds in Europe and the US as prospective investments. The fund is being advised by independent Munich-based private equity fund-of-funds manager Von Braun & Schreiber

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