Montana’s third secondary fund closes on €400m hard-cap

The asset manager started fundraising in March. According to co-founder Christian Diller, it had its existing investors on board 10 weeks later, while commitments from new investors were secured over the summer. Montana stated it was surprised by the large investor interest and quick fundraising, which highlights continued appetite from LPs for secondaries.

While the previous vehicles had an investment period of one year, the third will have a three-year deployment phase. This was requested by the fund's existing investors, of which 10 are invested in the new vehicle, alongside five new ones. This brings the fund's lifespan to 3+6 years.

King & Wood Mallesons provided legal advice during the fundraising.

Investors
The pool of investors is made up of a small number of institutional investors, including insurance companies, pension funds, family offices and foundations from Germany, Switzerland, the UK and Scandinavia.

Investments
The focus will be on directly sourced small and complex deals below €50m, ideally between €10-30m.

The fund has executed its first two transactions, both ranging between €10-15m, with two additional investments underway.

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

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• DACH
• Secondaries
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