AGF closes third fund of funds

AGF Private Equity, a unit of French insurance company AGF, closed AGF Private Equity Holding (AGF PEH) at €180m. The 15 investors in the firm’s third European fund of funds include insurance companies, pension funds and French institutional investors.

The new vehicle will invest 60% of its proceeds in primary funds, with the remainder distributed equally in secondary funds and as co-investments.

The subscription level is a little short of an estimated final target of €200m, which was expressed in November. At that point , he fund of funds had raised €165m at intermediate close.

Over 60% of the fund has already been invested in 19 transactions, mainly primary LBO funds. AGF PEH has also completed two secondary transactions and four co-investments in Matéris, FPEE, Faiveley Transport and Libertel.

AGF Private Equity manages an investment portfolio in excess of €1bn, including fund of funds and venture capital investments. As a subsidiary of AGF, it is part of the Allianz Group. Founded in 1995, the firm has committed €800m to 60 European funds and invests about €100m a year across Europe.

AGF previously closed two other funds, AGF Capital Investissement I and II. Allianz has been expanding its private equity activities for the last six years. During that period it has also reduced its exposure to the public equity markets. Overall, Allianz has invested €4.9bn in this area of its business.

AGF represents the Allianzgroup’s interests in the French market.