Swiss listed private equity fund-of-funds
Last year saw a wave of listed funds of funds in Europe deciding to either temporarily suspend new fund commitments or actually down business activities. According to research from RBS Global Banking & Markets, total net assets for those funds has hit an estimated £4.1 billion ($6.4 billion). Many of these listed fund-of-funds are big backers of U.S. buyout and venture funds.
Reasons for the suspensions vary, but most say they need to reduce their unfunded commitments and return capital to shareholders before committing to any new funds. Among those to have temporarily suspended new commitments are
The latest vehicle to announce a suspension of commitments, Zurich-based Absolute Private Equity, primarily invests in US, European and other international buyout and venture capital funds. As of June 30, 2009, Absolute Private Equity had capital commitments totaling $1.4 billion, of which 75.4 percent had been funded. Distributions totaled $753.8 million. As of March 31, 2009, the portfolio held 498 investments through its underlying funds. Funds in the portfolio include