Pictet launches technology-focused fund-of-funds

Harriet Matthews
13 October 2020

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Pictet Alternative Advisors has announced the launch of Pictet Thematic Private Equity Technology Fund, its first technology-focused fund-of-funds.

The fund has a target of $300m and a hard-cap of $350m.

The GP said in a statement that it plans to take advantage of digitalisation trends via its technology-focused strategy. The firm could consider launching another sector-focused strategy following the establishment of the technology-focused fund, with the healthcare sector as a potential target.

The GP has invested in 150 private equity funds and 155 co-investments since its establishment, 90 of which generated a money multiple of 2.7x, Pictet said in the same statement.

Pictet has previously invested via its Monte Rosa strategy. Its latest vehicle, Monte Rosa V, held a final close in July 2020 on almost $1.2bn. The fund was 50% deployed on its final close. Around 20% of the fund will be dedicated to co-investments, with the remainder to be deployed in buyout, venture, growth and turnaround funds, without a sector focus.

Investors
The fund's LP base will comprise existing investors, including both institutional and private investors. Investors in the firm's previous vehicles have included family offices, pension funds and foundations.

Investments
The fund will have an investment period of three to four years and plans to invest in 20-25 funds. It will also make up to 20 direct or co-investments in private companies.

The fund will deploy equity tickets of $5-15m for fund investments and will make direct or co-investments in the range of $3-10m. The fund will target both early-stage companies and later-stage buyouts for its direct and co-investment strategy. The vehicle will make investments in the US, Europe and Asia (with a focus on China).

People
Pictet Alternative Advisors – Pierre Stadler (head of thematic private equity).