Mantra closes two funds

The firm also held a a first close for its primary-focused fund-of-funds Mantra Primary Opportunities 2018, which has made its first two commitments.

MSO II was launched in July 2017 and targets investments in mature niche funds that focus on areas including agribusiness, digital infrastructure, advanced materials, life settlement policies, intellectual property and litigation. According to Unquote Data, the vehicle will target a 2x net return multiple, a 25% net internal rate of return and a 10% preferred return.

The latest secondaries fund is more than twice the size of its predecessor, which closed on €53m in December 2015.

The primary focused vehicle offers free co-investment in all funds to which it makes commitments. It has made two commitments to date, with a third imminent, according to the statement.

Mantra said in a statement that both vehicles attracted capital from institutional investors across the EMEA region and the US, including family offices, insurance companies, foundations and sovereign wealth funds.

According to a statement, Mantra generated an aggregate annual internal rate of return of more than 30% through the first quarter of 2018.

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