Pictet holds USD 350m final close for Technology Fund

The fund has a USD 300m target and a USD 350m hard-cap. The vehicle was launched in October 2020, as reported.

The GP said in a statement that it intends to launch its second thematic fund-of-funds in early 2022. The vehicle will be a healthcare- and biotech-focused fund.

In addition to its thematic funds strategy, PAA manages its multi-sector Monte Rosa strategy. The strategy invests primarily in Europe and the US, backing buyout, venture, growth and turnaround funds, with 20% reserved for co-investment and secondaries deals.

The GP held a final close for Monte Rosa V in July 2020 on USD 1.164bn, surpassing its USD 815m target. PAA is now on the road for Monte Rosa VI which has a USD 1bn target.

Investors
Pictet Thematic Private Equity Technology Fund is backed by pension funds, financial institutions, foundations, family offices and high-net-worth individuals, according to a statement. The GP said in a statement issued at the time of the fund launch that it expected to receive commitments from existing investors.

Investments
The fund will have an investment period of three to four years and plans to invest in 20-25 technology funds, targeting buyout, growth and venture. The vehicle will deploy equity tickets of USD 5m-15m for fund investments.

The fund will also make up to 20 direct or co-investments in private companies, deploying USD 3m-10m per deal. The fund will target both early-stage companies and later-stage buyouts. The vehicle will make investments in the US, Europe and Asia (with a focus on China).

PAA's recent investments include its participation in a USD 110m funding round for Switzerland-headquartered healthcare software Sophia Genetics.

People
Pictet Alternative Advisors – Pierre Stadler (head of thematic private equity).

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