Akina closes Euro Choice VI on €410m

In August last year, Akina held three simultaneous interim closes on three of its Euro Choice funds, including Euro Choice VI, Euro Choice Direct and Euro Choice Secondary II.

At the time, Euro Choice VI had already raised more than two thirds of the targeted €300m. A first interim close was held on €180m in November 2015.

The fund's previous generation, Euro Choice V, was closed in April 2014 on €372m, short of its €600m target.

Investors
Investors in Euro Choice VI include a mix of existing and new investors from North America and Europe. Placement agents were used in North America and the vehicle featured a €5m minimum commitment from investors.

Investments
Euro Choice VI is a fund-of-funds targeting mid-market-focused buyout, growth capital and special situations funds across Europe.

The fund predominantly makes primary investments, but has a remit to make selective secondary acquisitions.

When the interim close was announced in August last year, two secondary transactions had been closed in Spain and Italy, as well as eight primary investments across Europe, the GP said.

According to the GP, the fund has now closed a total of 13 transactions, including three secondary ones in Italy, Spain and the CEE region, along with 10 primary transactions – eight of which were on an "invitation only" basis. As of 30 September 2016, Akina reported a net performance of 1.12x total value to paid in and 17.5% IRR for the fund, according to a statement.

People
Akina – Christopher S Bödtker (managing partner); Mark Zünd, Thomas Frei (senior partners).

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