Secondary shop Committed Advisors closes fourth fund on €1.6bn

Committed Advisors, a secondary shop based in France, closed its fourth fund on €1.6 billion, beating its €1.25 billion target, the firm announced this week.

Committed Advisors is among a group of mid-sized secondary firms that focus on lower-mid-market and mid-market secondary deals, both for LP sales and GP-led deals like fund restructurings.

The firm, formed by Daniel Benin and Barthélémy de Beaupuy in 2010, has already committed about 20 percent of the fund across 10 deals, Benin told Buyouts in an interview. The firm grew its LP base from 70 investors to 120, with new investors from North America, Europe and Asia.

Last year, Committed Advisors led a deal to move specialty finance assets from Milestone’s third and fourth funds into a continuation vehicle. The deal allowed Milestone to shift its future focus to specialty finance investments, Buyouts previously reported.

Along with Benin and de Beaupuy, Committed Advisors is led by Partners PJ Stock in New York and Guillaume Valdant in Paris. The firm has 21 employees, with 16 investment professionals.

Since it launched, the firm has consistently raised new funds every few years. It closed its debut on €257 million in 2011, raised €500 million for Fund II in 2014 and just over €1 billion for Fund III in 2017.

The mid-market deal space is less competitive than the larger side of the market, where billions of dollars have been raised for deals.

The lower to mid-market, by contrast, is targeted by only a handful of secondary firms like Committed Advisors, as well as Kline Hill Partners, Willowridge Partners and several others.