SwanCap closes first fund on $1.2bn

Ellie Pullen
31 January 2014

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Alternative asset manager SwanCap Partners has held a final close for its first fund, SwanCap Opportunities Fund, on $1.2bn after less than a year on the road.

The Luxembourg-domiciled vehicle was established last year. According to a filing with the US Securities and Exchange Commission (SEC), the fund's target sat at around $1.5bn.

The fund claims to be one of the first AIFM-licensed vehicles, while SwanCap also claims to be one of the first AIFM-licensed fund managers.

SwanCap currently has $3bn in assets under management, including the new $1.2bn fund as well as various managed accounts taken as part of the carve-out of the business from UniCredit Bank.

SwanCap was set up late last year by its management and UniCredit, which established the firm from its existing Principal Investments Unit to manage part of its disposed private equity portfolio in a bid to reduce its risk-weighted assets. UniCredit is a passive shareholder in SwanCap.

P+P Pöllath + Partners advised UniCredit on the sale of its private equity portfolio to SwanCap. The firm also aided in the establishment and structuring of SwanCap Opportunities Fund.

SwanCap is the adviser for Luxembourg-based SwanCap Investment Management. The firm has offices in Munich, Milan and New York.

Investors
Fund-of-funds manager AlpInvest Partners is the cornerstone investor of SwanCap Opportunities.

According to the fund's SEC filing, $200m was committed to the fund by US investors.

Investments
SwanCap already holds the existing private equity portfolio of UniCredit, which was acquired in a secondary transaction.

The fund currently holds around $450m in available capital for new investments. With the establishment of the fund, SwanCap will look at branching out into other asset classes.

People
Florian Kreitmeier, the former global head of principal investments at UniCredit, is a managing partner at SwanCap. Andreas Bohn, who sits on the management board for UniCredit's corporate & investment banking division, is chairman of SwanCap's advisory board. Wouter Moerel is a managing director for AlpInvest Secondary Investments.