ARCIS launches third secondaries fund

French secondaries specialist, ARCIS, has launched European Secondary Development Fund III, which has a target of EUR 250m. Probitas is acting as placement agent for the fund, which expects to invest in funds, make direct investments and commit EUR 25m to acquiring secondary fund positions. With respect to this, the vehicle will look for venture and buyout funds from which a solid portion of the capital has already been deployed. This follows on from the Pan-European Secondary Fund, which closed on around US$50m in 1999 (November 1999, page 11). The group also manages US$ 100m for investment in Western European secondaries, following the US$ 50m final close of P-ESFÂ’s predecessor - European Secondary Fund - in 1998. Arnaud Isnard is coordinating the fundraising process on behalf of ARCIS.

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