Rothschild closes second Five Arrows multi-strategy PE fund on €366m

The Five Arrows Private Equity Programme (FAPEP) funds follow a multi-strategy covering fund investments, secondaries and co-investments.

The platform was created to leverage the investment and operational synergies between Five Arrows' FAPEP, secondaries (FASO) and co-investment (FAMI) teams. FAPEP itself has a team of five dedicated investment professionals, who can then rely on the full Five Arrows team of 34 professionals based in Paris, London and New York.

FAPEP I is a 2017-vintage vehicle and has already returned capital to investors, the firm said. Its successor, FAPEP II, also started is now 67% committed across 30 investments in Europe and the US.

The latest fundraise brings Five Arrows' total assets under management to around €16bn across four strategies: corporate private equity; senior and junior credit; primary and secondary fund investing; and co-investments.

Buyout vehicle Five Arrows Principal Investments III notably closed on its €1.25bn hard-cap in 2019. Last year, secondaries fund Five Arrows Secondary Opportunities V closed on €1bn, surpassing its €700m target.

Investors
Investors in the fund represent a diversified group of family offices, entrepreneurs and small institutions, the firm said in a statement.

Investments
FAPEP II's investment strategy balances investing in top-quartile fund managers, combined with the selection of specific companies through late primaries, secondaries directs and direct co-investments.

People
Five Arrows - Mireille Klitting (managing partner).

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