Rothschild closes direct secondaries vehicle on €451m

The total exceeds the fund's target and is almost double the size of its predecessor, which held a final close on €259m in July 2012.

Last year, Rothschild's European mid-market-focused Five Arrows division closed its second principal investment vehicle on €775m, surpassing its €700m target.

Rothschild did not use a placement agent for the fund.

Investors
FASO IV received commitments from new and existing LPs, including those who invested in FASO III. In a statement, Rothschild said the new backers comprised institutional investors and family offices from around the world.

Institutional investors account for 70% of the fund's commitments, unquote" understands.

Investments
The new vehicle will target European secondary direct transactions, with a particular focus on the small- and mid-cap market. The GP said it foresees opportunities in fund restructurings, fund manager spinouts and investor-base rebalancing.

The fund will make 15-20 transactions over a four-year period, with a minimum of three assets per transaction.

FASO IV has already made its first two deals, the details of which are currently undisclosed.

People
Rothschild – Mireille Klitting (managing partner, FASO funds); Marc-Olivier Laurent (head of merchant banking).

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• Topics
• Secondaries
• Rothschild
• Direct secondary