Allianz Private Equity Partners (APEP), the fund-of-funds arm of the Allianz Group, has held a E400m first close on APEP Dachfonds, its first fund-of-funds offered to institutional investors outside the Allianz Group.
The initial fund raising took place exclusively within Germany, receiving commitments from a select group of blue chip institutional investors. The fund will invest globally in both buyouts and venture, making both new and secondary investments.
The firm aims to hold a final closing no later than August 2006, and will now seek investment from more German investors as well as international ones.
APEP spun out from Allianz in 2001 as a fully-owned subsidiary, following its creation in 1996 when Allianz started its private equity programme. The New York office opened in 2002 and in 2003, APEP took over the management of Dresdner Bank’s private equity funds portfolio.