Unigestion, Union Investment close third fund-of-funds on €312m

Unigestion will manage the fund's portfolio, while Union Investment was responsible for structuring the fund and will handle fund administration and investor relations.

The fund will have a 12-year investment horizon with the option to extend by one year twice. The average lock-up period is seven or eight years.

Unigestion held a first close for its fourth secondaries fund, Unigestion Secondaries Opportunities IV, on €177m in August 2016 – it is targeting €300m and hopes to hold a final close by the end of Q2 2017.

Investors
Both Unigestion and Union Investment have announced they will invest in the fund. Other LPs have not been disclosed.

Investments
The fund will invest globally in private equity funds, secondaries and direct investments. It will make 15-20 fund investments, giving it exposure to around 300 target companies. The main focus will be small- and mid-cap funds in the US and Europe, but it will also invest in Asian companies, as well as global VC and turnaround funds.

People
Unigestion – Kay Olschewski (fund manager).
Union Investment – Klaus Bollmann (managing director).

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• Topics
• Fund-of-funds
• DACH
• European Investment Fund
• Germany
• Funds-of-Funds
• Secondaries