HQ Capital closes seventh Auda fund on $375m

The GP started fundraising in January 2015 and held a number of rolling closes on the way. While the implicit hard-cap was $350m, HQ said it decided to collect more money in consultation with its investors, due to high demand for the vehicle. 

Clifford Chance worked on the legal side for the master fund. A placement agent was not involved. Auda VII will have two separate vehicles for US and European investments.

HQ was formed in 2015 by the merger of independent alternative investment managers Auda, Real Estate Capital Partners and Equita.

Investors
Auda Capital VII's limited partners consist of institutional investors including insurance companies, pension funds and large family offices. The vehicle attracted both new and old investors. 

A majority of the LPs are from the DACH region and Scandinavia. Others are Middle East- and US-based, while Asian investors represent the smallest group. 

HQ set the minimum subscription at $5m. 

Investments
The capital will be deployed across a variety of markets and industry segments in Europe and the US with a focus on the small-cap and mid-size segments. There is a possibility for a limited number of large-cap deals. One third of the fund will be deployed via the US vehicle, the rest via the European one. 

HQ seeks to create a portfolio that is 60% weighted toward primary transactions, 30% toward secondary deals and 10% for co-investments. Auda's sweet spot is between $10-25m per investment.

So far, the US fund has made 18 investments, while its European counterpart has made 11.

People
HQ Capital – Britta Lindhorst, Marc Lohser (managing directors).

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