Swiss fund-of-funds player Adveq is ramping up its activities. The firm has set up a German subsidiary called Adveq Management, which will have an office in Frankfurt that is due to be up and running by next year. The division will be responsible for the management of PEEUP II Beteiligungs GmbH, which recently held its first closing at euro125 million. The new fund-of-funds will target investments in European buyout funds and Adveq has been busy with a similar US model planned to launch by the end of this year.
“With the new subsidiary we are able to serve our institutional investors in a more direct and qualified manner,” said Bruno Raschle, founder and managing director of Adveq Group. In the past Adveq has concentrated all of its operational activities in Zurich. Germany will be one of the dominant markets for the firm in the future, said Raschle.
Adveq is also fund raising for its third high tech fund-of-funds, Private Equity Technology Partners III (PETP III) with a target of $350 million. An interim closing of approximately $250 million is expected before year-end. The fund’s predecessor, PETP II was launched in 1999 with a capitalisation of $230 million and has entered into 32 partnerships in the US and Europe. The European fund-of-funds programme includes venture capital, development capital and buyout partnerships, while in the US the business is focused mainly on partnerships in venture capital funds.
To support its increasing activity, the firm has strengthened its management team with the appointment of Graeme Scott Johnson as managing director and head of business development. Johnson joins from LGT Partners where he was head of marketing and sales.
Adveq has $1 billion under management and manages over 100 fund investments worldwide.