Unigestion launches second direct investment vehicle

The fund has a target of €600m, though a hard-cap has not yet been set, Unquote understands.

The new vehicle was launched in March and is the successor to two vehicles: Unigestion Direct Opportunities 2015 (UDO), which held a final close on €255m in 2017 after 21 months on the road, and €134m fund Euro Choice Direct (ECD), which was launched by Akina Partners prior to its acquisition by Unigestion in 2017. Unquote understands UDO and ECD are both almost fully invested.

The new fund will target co-investment opportunities alongside small-cap and mid-market fund managers.

UDO aimed for a 20% IRR and Unquote understands the latest vehicle will have a similar performance target.

Unigestion Direct II is domiciled in Luxembourg. The GP did not use a placement agent for the fundraising and Arendt provided legal advice.

Investors
Unquote understands that Unigestion has secured commitments from cornerstone investors in the new fund and is targetting a first close around the end of June 2019.

LPs in Unigestion Direct Opportunities 2015 included Flintshire County Council Pension Fund, The North East Scotland Pension Fund and West Midlands Pension Fund. The vehicle's assets include Zennor Petroleum, for which it invested alongside Kerogen Capital, and Danica Pension Sverige, for which it invested alongside Polaris Private Equity and Acathia Capital.

Investments
As with the fund's first incarnation, the latest vehicle will target investments in small-cap and mid-market businesses alongside fund managers with which it has existing relationships. It will look to invest in sectors that are underpinned by long-term trends, including education and healthcare.

People
Unigestion – Christophe de Dardel (head of private equity).

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