Access Capital holds €343m first close for Fund VII

Alice Tchernookova
21 December 2016

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Access Capital Partners has held a €343m first close for the seventh generation of its flagship European buyout fund-of-funds, Access Capital Fund VII (ACF VII).

The fund will stay on the road for a few more months in an effort to reach its €500m target.

The fund's previous generation, ACF VI, closed on €644m in May 2015, exceeding its €400m target.

The initial close comes after a marked increase in portfolio exits and meaningful cash distributions to investors from predecessor funds, the GP said in a statement.

Investors
Investors include existing and new institutional investors. Insurance companies have been the largest contributor to the fund's previous generations, with 60% of committed capital in ACF VI being provided by such LPs.

Pension funds, asset managers, family offices and foundations are also supporting the fund. Previous investors in the fund include East Riding Pension Fund, Flintshire County Council Pension Fund, South Yorkshire Pensions Authority, Warburg Invest, Wave Management.

Investments
ACF VII will aim at creating a portfolio of primary funds and "opportunistic" secondary investments in European smaller buyout funds, with a size typically below the €500m mark.

As with the previous fund, secondary transactions will represent up to 40% of total commitments. The team is increasingly focusing on special situation deals and transactions in which knowledge of underlying assets is key.

Regarding primary smaller buyout fund opportunities, Access is confident that the dealflow for 2017 is looking positive. However, on the secondary front, closing deals may require more time and creativity, the GP says.

People
Access Capital Partners – Agnès Nahum, Philippe Poggioli (managing partners).