MPEP launches fund-of-funds

Oscar Geen
30 January 2019

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Munich Private Equity Partners (MPEP) has launched its third PE fund-of-funds offering to external investors.

The vehicle has been registered since 2017 with a single cornerstone investor and has already deployed €50m across seven funds.

It is the first time the fund-of-funds manager has widely marketed its programme to external investors, and it expects to collect €100m for the vehicle. It will build a portfolio of more than 10 funds in total.

MPEP's first two funds-of-funds (MPEP 2014 and MPEP 2015) did have some external LPs but were not widely marketed.

MPEP Fund IV has already been registered and will follow the same process of partially building a portfolio before being marketed externally. MPEP expects to raise a similar vehicle every year, eventually reaching a volume of approximately €200m.

Investors
MPEP's LP base comprises a range of institutions including insurance companies, pension funds and banks. Belgian bank Degroof Petercam has backed the latest fund, Unquote understands.

Investments
Like its predecessors MPEP III will target mid-cap buyout funds in Norther America and Western Europe. It targets both pan-regional and country-specific funds, and will make an average commitment of €10-15m.

The vehicle has made an €8m commitment to pan-European buyout fund PAI Europe VII, and $7.5m commitments to US buyout firm Clayton Dublier & Rice Fund X, Switzerland-based pan-regional player Argos Wityu's Euroknights VII, and American mid-cap fund Seidler Equity Partners VI, according to publicly available documents. The vehicle has also committed to Corpfin Capital Fund V, Unquote understands.

People
Munich Private Equity Partners – Christopher Bär, David Schäfer (managing directors).