Adveq promotes ahead of third fund

Adveq, the private equity fund-of-funds manager, which is in the market for its third European fund, promoted Rainer Ender and Tom Eriksson as executive directors.

Ender, 36, who joined Adveq in 2001, focuses on private equity investments in Europe and is responsible for client relationships with Swiss-based institutional investors. Prior to joining Adveq, he was an underwriter for alternative risk transfer at Zurich Reinsurance Company, and a manager in the Financial Risk Management practice of Arthur Andersen.

Eriksson, 37, joined the firm last June after previous positions at Wartsila Corp in Finland. In that capacity, he was responsible for several private equity transactions and investments. He also worked in capital markets at Dresdner Kleinwort Benson in Frankfurt and Union Bank of Finland in Helsinki.

Bruno Raschle, managing director of Adveq Management, said the appointments came at an important time, as the firm will be placing its third European fund-of-funds with institutions over the next few months. Adveq, which has US$1.5bn under management, recently announced the launch of the PEEUP III fund. It has a target capitalisation of €325m and will be placed with institutional investors in the first half of the year.

PEEUP III will commit with about 25 fund managers covering all areas of venture and small, medium and large-scale buyouts.

Founded in 1997, Adveq employs 30 staff and is advising on more than 100 fund investments. Some 90% of its investors are international institutions.