LGT closes Crown Europe Middle Market III on €500m hard-cap

The vehicle's predecessor had raised €429m in 2010, pursuing the same European mid-market strategy. The first Crown Europe fund-of-funds was closed on €609m back in 2007.

In February last year, LGT held a final close for its Crown Co-investment Opportunities fund on $432m – this marked the manager's first dedicated co-investment fund. Meanwhile, its most recent dedicated secondaries fund, Crown Global Secondaries III, closed on its $2bn hard-cap in 2013.

A number of Europe-focused fund-of-funds managers have held closes for their latest vehicles in recent months. In May 2015, Access Capital Partners' sixth fund-of-funds exceeded its initial €400m target and held a final close on €644m. In November, Swiss firm Akina Partners held a third close on €180m for its Euro Choice VI fund-of-funds.

Investors
LGT stated that the latest Crown Europe fund attracted 34 institutions, including government pension funds, corporate pension funds and insurance companies. LPs hail from countries including Australia, Belgium, Japan, South Korea, the Middle East, the Netherlands, Spain, Sweden and Switzerland.

Investments
Crown Europe III has already deployed €237m across nine private equity funds on a primary basis, seven secondary transactions and five co-investments.

People
LGT Capital Partners – Tycho Sneyers (managing partner).

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• Topics
• Fund-of-funds
• DACH
• LGT Capital Partners
• Switzerland