Funds: Adveq fourth FoFs

Advisers on Private Equity (Adveq) is in the process of pre-marketing its fourth fund-of-funds which is the firm’s second European fund-of-funds. The fund will be called Private Equity European Partners II and aims to raise EURO300 million, which will be targeted for investment in funds concentrating on early-stage and medium-sized businesses. Around 70 per cent of the fund will be committed to GPs with whom Adveq already has an existing investment relationship, while the structure allows up to 15 per cent to be committed to first-time funds.

This fund, like all of Adveq’s fund of funds currently under management will have a closed-end structure with a 12 year duration and a hurdle rate of 15 per cent. The official launch of Private Equity European Partners II will take place in the late summer.

Adveq recently closed its second high-tech fund-of-funds, Private Equity Technology Partners II CV, at $230m million (EURO254 million). See EVCJ May funds news for details.