Unigestion holds €177m first close for secondaries fund

The fund was launched on 30 June 2016, and Unigestion hopes to hold the final close at €300m in the spring of 2017. Gide and Arendt & Medernach will provide legal advice. The vehicle is being raised without a placement agent.

USO IV is based in Luxembourg and France, and has a minimum subscription of €5m. 

The fund's 2013-vintage predecessor, USO III, had a target of €400m.

Unigestion raised €100m for Unigestion Direct Opportunities 2015 at the vehicle's first close in April this year, and hopes to hold a final close on it €200m hard-cap during the second half of 2016.

Investors
Most investors in the fund are insurance companies and pension funds in Switzerland, Germany, France and the UK.

Investments
USO IV seeks transactions at the smaller end of the secondaries market. It focuses on small-cap and mid-market funds, fund restructurings, direct secondaries and structured transactions. The vehicle has a net return target of 1.6x cost and 20% IRR.

The GP hopes to make the first investment in Q4 2016. The vehicle will invest a maximum of €60m per transaction (assuming a fund size of €300m) but targets transactions between €10-25m. It plans 6-10 transactions per year.

People
Unigestion – Christophe de Dardel (head of private equity).

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