HQ Capital holds $503m final close for secondaries strategy

The asset manager simultaneously announced the final close of its Asian secondaries strategy, Auda Asia Secondary Fund (AASF), on its $250m hard-cap. However, this included a $79m commitment from ASF IV and Auda Asia IV, meaning total third-party commitments for both funds totalled $674m.

ASF IV and AASF are the fourth and fifth funds raised by HQ dedicated to PE secondary transactions.

HQ Capital was created in 2015 in a merger of German PE firm Equita and US real estate investor Auda. It now manages a total of $11.3bn from 10 offices in North America, Europe and Asia and employs 130 people.

Investors
The fund's LPs include insurance companies, pension funds, financial institutions and family offices, as well as high-net-worth individuals, endowments and foundations.

ASF III held a final close on $332m in December 2013 – the vehicle saw 12 new investors from Europe and the US contribute more than 30% of total commitments, while 60% of the capital was committed by LPs from previous Auda funds.

Investments
ASF IV will invest in traditional and non-traditional secondary transactions globally. Traditional deals involve the purchase of LP interests in PE and VC funds, while non-traditional deals will include fund recapitalisations, portfolio acquisitions and purchases of securities in a single company.

AASF will take the same approach, but focusing exclusively on Asia. Both funds will target small and medium-sized transactions in the range of $10-20m.

People
HQ Capital – Chris Lawrence (managing director); Georg Wunderlin (CEO).

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