France-Based Private Equity Fund of Funds Managers

by Patrick Adefuye

  • 21 Jun 2012
  • PE

At present there are 17 private equity fund of funds managers that are headquartered in France. In aggregate, these firms have over $51bn in private equity assets under management. The majority focus on buyout and growth capital investments, with the exception of Averroès Finance, which focuses on venture capital investments.

AXA Private Equity is the largest France-based fund of funds manager. In addition to Paris, the firm has offices in New York, London, Frankfurt, Zurich, Milan, Vienna, and Singapore. The fund of funds team operates in North America, Europe, and Asia and manages assets of over $13bn, with commitments spread across more than 550 funds and 7,500 underlying portfolio holdings, all over the world.

Access Capital Partners is the next largest France-based private equity fund of funds manager, with €4.5bn in assets. Access has a focus on investing in Europe and targets the small- to mid-market segments through its fund of funds vehicles, Selected Private Equity Funds II and Access Capital Fund V - Growth Buyout Europe. Access Capital Partners also invests in Europe-focused funds on behalf of New York State Common Retirement Fund, in a mandate worth $200mn.

Another large France-based fund of funds manager is Amundi Private Equity Funds, which has assets under management of €3.8bn. The fund of funds manager actively invests in private equity through separate account mandates, and plans to launch a new co-mingled fund of funds vehicle - Greenway Private Equity Selection No 4 – in Q3 2012. The manager focuses on buyout funds mainly, as well as funds with a debt strategy; however to a lesser extent it also considers venture capital funds.

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