Eurazeo raises €1bn for secondaries programme

The capital raised includes €700m for Idinvest Secondary Fund IV, exceeding its initial target of €600m, and €300m in additional secondaries capital raised from private individuals. The Idinvest vehicle was launched in late 2019, according to Unquote Data.

Eurazeo's previous secondaries programme closed on €570m in commitments in 2017.

Fundraising has remained healthy in the PE secondaries space so far this year. Most recently, Aberdeen Standard Investments held a final close for its fourth private equity secondaries fund, Aberdeen Standard Secondary Opportunities Fund IV (SOF IV) on $556m, exceeding its target of $500m.

Other asset management firms that have closed a secondaries fund this year include Swiss alternative asset management firm LGT Capital Partners, which closed its Crown Global Secondaries V on its $4.5bn hard-cap; US-based venture secondaries firm Industry Ventures, which closed Industry Ventures Secondary IX on its $850m hard-cap; and Capital Dynamics, which held a final close for Capital Dynamics Global Secondaries V on $786m.

Investors
The fourth secondaries programme received "strong" demand from institutional investors worldwide, including from sovereign wealth funds, pension funds, insurance companies, foundations, family offices and individuals, Eurazeo said.

Investments
The programme will look at European mid-market secondary opportunities in mature private equity funds, or through the acquisition of portfolios of selected companies.

The programme is already 36% deployed, Eurazeo said.

People
Eurazeo – Christophe Simon (managing partner and head of secondaries).

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