Paris-based Access Capital Partners will allocate up to 20% of its second fund-of-funds, ACP2 in secondary obligations. The fund, which held its first closing in April at EURO200 million and has now raised close to EURO240 million, is anticipating a final close with a target of EURO500 million at the end of this year.
In anticipation of a growing focus on secondary commitments, the firm recently appointed Christopher Marlowe as investment director of secondaries, responsible for sourcing and completing secondary transactions. Marlowe has nine years of experience in private equity and joins the firm from ARCIS Finance, a French direct and indirect secondary investment specialist.
This is the first time ACP has targeted secondary investments. The firm’s first fund-of-funds, which is approximately 92% committed in 19 funds, was dedicated specifically to technology-related funds and buyout investment vehicles.
ACP1 closed at the beginning of 1999 with a total of EURO250 million for investment. It has invested in 11 technology funds and eight buyout funds, with another three commitments to buyout funds anticipated before the year-end, when the fund should be fully committed, said Agnes Nahum of the firm.
“With the new fund, this is the first time we have targeted secondary investments. We expect to see some good opportunities in the secondaries market,” she said.
The new fund will commit to around 30 funds in the technology-related and buyout sectors with an average investment of between EURO10 million and EURO15 million.