Pictet closes Monte Rosa V on $1.164bn

Maurizio Arrigo, head of PE at Pictet Alternative Advisors, told Unquote the fund had a target of $815m with no hard-cap. It held its first close in December 2018.

The fund’s predecessor, Monte Rosa IV, closed on $815m and followed the same strategy as this latest fund.

Earlier funds have generated a net IRR of more than 13% and a net total value to paid-in (TVPI) of 1.65x, according to a statement.

Since its debut almost 30 years ago, PAA has committed to more than 150 private equity funds and participated in 155 co-investments, of which 90 were realised generating a multiple of 2.7x invested capital, according to a statement.

Arrigo told Unquote the fund’s management fee, carry and hurdle are in accordance with market standards.

Investors
Pension funds, foundations, family offices and high-net-worth individuals participated in the fundraise. Prior investors in the Monte Rosa funds as well as investors from a new and geographically diversified set of clients were interested in the fund, according to a statement.

Investments
Monte Rosa V will invest mostly in North American and European buyout funds and to a lesser extent in other geographies such as China, Australia and emerging markets and other strategies such as venture capital, growth and turnarounds. Around 20% of the fund will be deployed in co-investments and secondary transactions. Currently, the programme is 50% deployed.

Pictet Alternative Advisors has taken stakes in a number of funds including Altor Fund V, Keensight Capital V and Astorg VII, according to Unquote Data. The firm’s commitments do not typically exceed €100m.

The firm’s previous direct and co-investments include an investment in Nemera alongside Montagu Private Equity and in AkzoNobel Specialty Chemicals alongside the Carlyle Group.

People
Pictet Alternative Advisors - Maurizio Arrigo (head of private equity).

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