France's Access holds €190m first close for FoF

The fund has a €400m target and reached its first close at the tail-end of last year. The commitments all came from LPs in previous Access funds – the firm stated it had been able to increase its divestment activity and make "meaningful" cash distributions to its investors in 2013, hence the appetite.

Access held the final close of the fund's predecessor, ACF V, on €500m at the end of 2012, comfortably exceeding its €350m target.

Investments
Access is aiming to create a portfolio of around 15 primary commitments and opportunistic secondary investments in European smaller buyout funds. Secondary transactions will represent up to 40% of total commitments.

The fund has already completed a first commitment to a UK small-cap buyout fund, and is expected to make a further 4-5 additional commitments on the primary side this year.

People
Agnès Nahum and Philippe Poggioli are managing partners at Access.

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