Akina closes Euro Choice V on $372m

The vehicle was open for 18 months with an initial target of €600m. Euro Choice V has a 10-year lifespean, with the option for two one-year extensions. Terms and conditions are said to be in line with market standards.

Akina has already started fundraising for Euro Choice Secondary, a dedicated European-focused secondary fund programme looking at smaller portfolios. The fund was launched in Q4 2013 with a €200m target and is understood to be aiming for a Q4 2014 close. A first close was held in December 2013 and the vehicle has already made investments. Akina intends to hold a second close in Q2 2014.

Euro Choice V's predecessor also focused on the European small to mid-market and closed on CHF 776m in June 2009, exceeding its target of €512m. Investors consisted mainly of corporate and public pension funds, family offices, endowments and financial institutions.

Investors
Backers of the Euro Choice V investment programme include both existing and new investors from North America and Europe. Placement agents were used in North America, where investors outnumbered their European counterparts. A minimum subscription of €5m was required to join the fund.

Investment
Euro Choice V will focus on the European small-cap and mid-market segments. It will invest in both primary and secondary buyout and growth capital fund investments, particularly in funds focusing on industrial investments, as well as selective special situation fund investments. 

Around 80% of the fund is already committed, with 30% drawn.

People
Christopher Bödtker is managing partner at Akina. Thomas Frei and Mark Zünd are senior partners at the firm. A team of 28 people are responsible for the programme's management.

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