The EUR 19.6 billion Switzerland-based private equity fund of funds manager held a final close for one of its funds of funds, Partners Group European Buyout 2008 (A), earlier this month. The vehicle managed to secure EUR 174.7 million in capital commitments which will be invested in small-, mid- and large-cap European buyout funds, with about 10% going to direct investments. The fund has no specific industrial focus and will be looking to diversify its portfolio across the board.
Partners Group is also currently fundraising for a number of funds of funds including Partners Group Distressed 2009, which is focused on distressed, turnaround and special situations investments primarily located in North America and Western Europe, and Partners Group Global Value 2008, which will invest predominantly in buyout, special situations and venture capital funds located in North America, Europe and, to a lesser extent, Asia.
Generally, Partners Group will raise follow-on vehicles for each of its series of funds of funds every other year, and the firm aims to invest at least EUR 1 billion in private equity funds annually. Typically, Partners Group makes primary fund investments of around EUR 50 million in size, but this varies greatly depending on the fund type, whether it is a first-time fund and whether it is a re-up to an existing manager in the firm’s portfolio.
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