Auda closes Secondary Fund III on $332m

Ellie Pullen
29 January 2014

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Private equity-focused investment manager Auda International has held the final close of its Auda Secondary Fund III (ASF III) vehicle with commitments totalling $332m.

The fund, which is domiciled in the Cayman Islands, surpassed its original target of $300m. ASF III hit the final figure at the very end of December last year.

According to a filing with the US Securities and Exchange Commission (SEC), the vehicle has a feeder fund – the $332m fund total includes the commitments raised by ASF III's feeder fund. On its own, Auda Secondary III Feeder raised slightly less than $155.4m, with ASF III securing the balance of $176.9m.

ASF III's predecessor, ASF II, was launched in 2008 with a target of $500m. According to a SEC filing, it had raised $194.4m in May 2010, plus a further $10m GP contribution.

Auda manages approximately $5.3bn in committed capital overall. The firm has offices in Bad Homburg, London, New York and Hong Kong.

Investors
The vehicle predominantly received commitments from institutional investors, including pension funds, insurance firms, endowments, foundations and financial institutions. High-net-worth individuals and family offices also invested in the fund.

The vehicle saw 12 new investors from Europe and the US contribute more than 30% of total commitments, while 60% of the capital was committed by LPs from previous Auda funds.

According to the SEC filing for ASF III, the minimum subscription for LPs stood at $200,000.

Investments
ASF III will focus its efforts on small to mid-size transactions in the global secondaries market, and will aim to carry out smaller, complex deals in the less competitive niche segments of the market.

People
Stephen Wessen is the head of global private equity at Auda, while Ernest Boles is the firm's CEO.