Adveq targets special US opportunities

Swiss fund of funds Adveq has closed its second US opportunity fund on US$457.5m, exceeding its original target, and over two and a half times larger than the fund’s predecessor.

Adveq’s Opportunity Program was established in May 2005 to invest in US private equity sectors outside the traditional areas of venture capital and buyouts. The first fund closed the same year on US$170m and is already fully committed.

The firm opened its American office last year in New York, and is now fully registered with the US Securities and Exchange Commission (SEC).

Bruno E. Raschle, managing director of Adveq, said: “Following the opening of our US office in September 2007 and the opening of the Beijing office in May 2008, becoming a registered investment adviser with the SEC is an important milestone in Adveq’s continued growth and development as a global investment management company. It will significantly enhance our capability to grow continuously our business internationally in terms of both raising and investing capital.”

The US arm is run by vice-president Steven Yang and executive director Lee Gardella.

The firm’s last traditional fund of funds closed in December 2006 €325m. The Europe program focuses on investments in buyout and expansion financing, and to a lesser extent venture capital, in Europe.

Adveq now has US$3.6bn under management with offices an office in Frankfurt as well as Zurich, New York and Hong Kong.