Deutsche Asset closes €260m co-investment fund

Fundraising officially started in July 2015 at the vehicle's first close. Linklaters and Clifford Chance acted as legal counsel, while no placement agent was involved.

GAF has a standard 10-year life span. GP contribution stands at 2.9%, while the minimum contribution for LPs was €10m.

The fund closing comes one year after Deutsche Bank split its asset and wealth management unit and created Deutsche Asset Management, and Deutsche Private Wealth Management as separate divisions.

Investors
The fund's LPs are mainly instituional investors. Public pensions make up 42%, and insurance companies 21%. A feeder vehicle also provided financing for GAF.  

Investments
GAF aims to build a portfolio of private-equity-owned companies via co-investments alongside private equity firms. The vehicle will primarily target investments in privately owned German small and mid-sized companies.

There is no set minimum or maximum that GAF will deploy per transaction, and no set limit on the equity stake the vehicle can take. 

The fund has made four co-investments so far, including its March 2016 co-investment alongside Duke Street in the MBO of German medical devices developer Medi-Globe Corporation. Two months later it participated in Gilde Buy Out Partners' acquisition of German jewellery producer Amor from 3i. GAF declined to name the other two investments. 

People
German Access Fund – Andreas Schmidt, Claudio Siniscalco (portfolio managers).

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• Topics
• Funds
• Buyout
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• Co-investments
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