Five Arrows holds final close on €1.25bn hard-cap

The vehicle was registered in March 2018 and had a target set at €1bn, according to Unquote Data.

The vehicle is larger than its predecessor, FAPI II, which closed on €775m in 2015.

The total assets under management in the Rothschild Merchant Banking business is approximately €11bn across four strategies: corporate private equity; senior and junior credit; primary and secondary fund investing; and co-investments.

Investors
FAPI III's LPs are institutional backers, corporates, family offices and high-net-worth individuals from Europe, North America, and Asia. Rothschild & Co, the partners and senior staff of the firm, and the fund's investment executives have also made a substantial commitment to FAPI III.

According to a statement, the majority of Five Arrows' existing investor base has recommitted to the vehicle.

Investments
The focus of FAPI III's investment strategy will be similar to its predecessor's – the fund will target mid-market companies across Europe with enterprise values in the €75-300m range. The fund's sector focus is limited to healthcare, education, data, software and technology-enabled business services.

The vehicle's predecessor invested in 2Mac1, an automotive benchmarking service, for a total of €200m in 2017, according to Unquote Data.

People
Five Arrows – Javed Khan, Emmanuel Roth (co-managing partners).

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