AGF Private Equity, the French fund-of-funds manager, has held an intermediate closing of AGF Private Equity Holding at €180m.
Launched last year, the fund has a target of €200m which it hoped to reach before the end of 2004. It held a previous closing in November on €165m.
So far the fund has made 19 investments, mainly in primary LBO funds. It also has commitments in two secondary deals and four co-investments: Matéris, FPEE, Faiveley Transport and Libertel.
The fund’s investor, which is AGF’s third, is made up of French institutional investors, including insurance companies, retirement funds and other institutions.
It is geographically focussed on European funds, and aims to have a 60% exposure to primary funds, 20% in secondary transactions, and 20% in co-investments in LBOs.
AGF, which manages six direct investment funds, also has two other fund-of-funds, AGF Capital Investissement, apparently the first French fund-of-funds, and AGF Capital Investissement 2.