Zurich-based fund-of-funds LODH Private Equity, a member of the Lombard Odier Darier Hentsch Group, has reached first close on Euro Choice IV fund at €300m.
The amount is half of the final target of €600m, which the firm is looking to achieve by the end of the year following a second closing in early autumn. The fund strategy focuses on the lower end of the European mid-market through investments in regionally and nationally focused buyout, growth capital and selective turnaround funds.
LODH has been marketing for a short period of time and has received support from existing investors as well as new investors who have made commitments to the first closing. There are currently three fund investments warehoused, which total around €80m.
The fund’s predecessor, Euro Choice III, closed at €493m in February 2007, exceeding its target by €143m.