SwanCap launches co-investment fund

Oscar Geen
04 July 2018

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German fund-of-funds manager SwanCap Partners has launched SwanCap Opportunities Fund IV, a specialised co-investment vehicle, Unquote understands.

The manager held a final close on €433m for SwanCap Opportunities Fund III in February 2018, which combined primary, secondary and co-investments in the same vehicle.

SwanCap IV will focus specifically on co-investments and the GP is targeting €250-300m for the strategy. It is expected to hold a first close before the end of the year.

The manager has made 80 co-investments since 2001 and has generated a net IRR of 20% with the strategy. The new fund will make 20-25 investments at a rate of six to eight per year and is targeting a return of 16-18% net IRR.

The fund will be registered in Luxembourg and legal advice is being provided by Arendt & Medernach in Luxembourg, and P+P Pöllath + Partners in Germany, with Aztec Group as fund administrator.

The vehicle will be managed from Luxembourg but the portfolio will be jointly constructed and overseen by teams in Munich, Milan, Luxembourg and New York.

SwanCap Partners declined to comment on the latest fundraise.

Investors
The new fund will initially be marketed to existing investors only. Ardian, AlpInvest, HVB, Intesa and Unicredit are among the LPs in SwanCap's previous funds, according to Unquote Data.

Investments
SwanCap IV will make equity co-investments of €10-12m with GPs that are known to it through its fund-of-funds programme. The geographic split will be approximately 50-50 between North America and Europe.

People
SwanCap Partners – Florian Kreitmeier, Andreas Bohn (co-CEOs).