Switzerland-based investment manager Unigestion held the first close for its second direct private equity fund in August, a source told Buyouts.
Unigestion Direct II raised close to €300 million ($330.2 million) of a €600 million ($660.5 million) target, the source said. Further closings are coming for both new and existing clients, the source said.
The fund has a 1 percent management fee and 10 percent carry, Buyouts has reported. Investors are mostly corporate pension funds, insurance firms or public pension funds, with a few investors in the U.S. and some family office investors in Asia.
The source told Buyouts Fund II will invest in “small and mid-size companies in sectors underpinned by resilient growth trends,” with the first investment slated for October.
Unigestion manages about $23 billion and has branches in Geneva, Zurich, Paris, Dusseldorf, London, Toronto, Montreal, Singapore and Jersey City. It closed its first direct fund in 2017 at €255 million ($280.7 million).
Action Item: read Unigestion U.K.’s form ADV here.