DBPE closes third secondaries fund

Harriet Bailey
21 October 2014

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Deutsche Bank Private Equity (DBPE) has held a first and final close for its Secondary Opportunities Fund III (SOF III) on its $1.655bn hard-cap.

DBPE stated it had been actively fundraising for nine months. It also confirmed it has a strong deal pipeline and intends to complete a number of investments by the end of the year.

According to a source close to the fund, there is a minimum commitment to gain access to SOF III, which is higher for institutional investors than private companies. A small number of institutional backers are also understood to have formed the cornerstone investment.

The number is almost triple the amount raised for its second fund, which held a final close on $614m in February 2013. It had a target of $500m.

DBPE's first secondaries fund closed in 2007.

Investors
Both new and existing investors committed to the fund, including public and corporate pension plans, sovereign wealth funds, insurance companies, foundations and endowments, as well as family offices.

Backers came from the Americas and the EMEA region.

Investments
SOF III will invest from €1-500m across the investment cycle. It will invest in private equity funds globally.

People
Carlo Pirzio-Biroli is global head of DBPE and co-head of DBPE's Secondary Funds. Stephane Farouze is head of alternatives and fund solutions at Deutsche Asset & Wealth Management.

Advisers
Equity – Debevoise & Plimpton, Geoffrey Kittredge, Sally Gibson, John Rife, Tom Hodge, Matthew Saronson, Cecile Beurrier, Matthew Pincus, Richard Ward (Legal).