Montana closes second fund on $100m

The Switzerland-based fund spent three months fundraising for its second annual program, which had a target of €60m.

The fund's predecessor, MASP I, closed on its hard-cap of €80m in July last year, after five months on the road. The entire fund was divested within the one-year lifespan of the fund.

Montana stated it could begin fundraising for its third fund within the next six to nine months.

Montana launched in April 2011 as a spinout from Capital Dynamics. It has a core investment team of 10 people, supported by a 20-strong deal-sourcing team.

Investors
Overall, 12 large European-based family offices and institutional investors, such as UK and Swiss pension funds, invested in the programme. The GP contribution stood at 3% of the total and, at around €3m, was the same commitment Montana made to the previous fund.

All of Montana's existing investors re-upped to MASP II, as well as four new pension funds and family offices. A Swiss family office is cornerstone investor in both programs.

Investments
MASP II has already invested around 30% of the fund in privately sourced transactions, including in a co-investment deal and in a fund-of-funds transaction. Montana aims to complete between 10-12 deals, with an average deal size of €10m.

It has until mid-October next year to invest all of the commitments. Should this not be achieved, there is an opportunity to activate an extension period on the fund or to return commitments to investors.

Montana focuses on the lower end of the secondaries market and complex transactions, which it claims may not be of interest to other secondaries investors.

The investor usually works with vendors including banks, insurance companies, pension funds, family offices and private banks from Europe, the US, the Middle East and Asia.

People
Christian Diller and Marco Wulff are partners and co-founders of Montana.

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• Topics
• DACH
• Secondaries
• Switzerland
• Unq2015Jan