Unigestion acquires Akina in $6bn AUM merger

Following the acquisition, the firms will merge their businesses and create a new fund manager that will trade under the Unigestion brand.

The new group will employ 54 professionals located in Geneva, Zurich, London, New York and Singapore. Christophe de Dardel, Unigestion's managing director and member of the executive committee will retain his current role and lead the group's private equity team.

Akina's managing partner Christopher Bödtker will join the Unigestion investment committee while remaining chairperson of Akina's investment committee. Akina's senior partner Thomas Frei will be head of investment solutions in the private equity team, while senior partner Mark Zünd will be co-head of investments, alongside Unigestion's executive director Paul Newsome.

Unigestion expects to increase its total assets under management to $23bn, of which private equity will represent 25% and become the second largest asset class of its four investment areas: equities, private equity, alternatives and multi-asset investing.

According to a statement, the merger will not affect the investment strategies for the current portfolio companies of either GP. Akina key men, Christopher Bödtker, Thomas Frei and Mark Zünd, will retain their roles at the firm and in its portfolio.

According to a source familiar with the merger, both firms are currently on track to raise funding and will continue the efforts post-merger. Akina is currently raising its 2016-vintage Euro Choice Direct vehicle, which held a €50m first close in January 2016 and has a €150m target, and its Euro Choice Secondary II fund launched in 2016. In the beginning of February 2017, Akina held a €410m final close for its European mid-market private equity fund-of-funds Euro Choice IV, exceeding its €300m target.

Unigestion is also in the fundraising market. Its €300m Unigestion Secondaries Opportunities IV fund held a first close on €177m in August 2016, and Unigestion Direct Opportunities 2015 reached a €100m first closing in April 2016 – half way to its €200m target.

Formerly known as LODH Private Equity, Akina is an asset management firm focused on private equity investments. Founded in 1998 and based in Zurich, the firm manages funds-of-funds and direct investment vehicles targeting the European small and mid-sized market. The firm currently manages an aggregate $2.6bn in assets.

People
Unigestion – Bernard Sabrier (chair); Christophe de Dardel (managing director); Paul Newsome (executive director).
Akina Group – Christopher Bödtker (managing partner); Thomas Frei, Mark Zünd (senior partners).

Advisers
Equity – Fenchurch Advisory Partners (corporate finance).

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• Topics
• GPs
• DACH
• Restructuring
• Switzerland
• Akina