The Swiss fund-of-funds manager Adveq has announced it is to open an office in New York. A number of the firm's investment team will transfer from the Zurich office to New York, where they will be joined by two new members, Lee Gardella and Steven Yang. Gardella joins Adveq's investment management team as executive director and Yang joins as vice president. Gardella was previously a managing director leading the Private Markets Group for CTC Consulting, a subsidiary of US Trust Company. Gardella also gained industry experience as an associate at the Edison Venture Fund and Wilshire Associates. Yang, who joined Adveq in April, previously worked at Beagle Ltd, a New York-based family office, as a portfolio manager for private equity partnerships, hedge funds, and direct investments in early-stage technology companies. Prior to joining Beagle in 2000, Yang was an analyst at Welch Capital Partners.
Vehicle is expected to hold a final close in March 2020, Unquote understands
Merger of German and Dutch peers will result in a client base of 3,500 companies
Fund's predecessor, BlackFin Financial Services Fund II, closed on €400m in 2016
GP will support the Munich-based software company's growth by broadening its product offering