In total, 11 private equity fund of funds vehicles held a final close in the first quarter 2012. In total, these vehicles raised an aggregate $2.4bn from investors, with the average vehicle raising around $220mn. In comparison, 17 private equity funds of funds held a final close in Q4 2011, attracting an aggregate of $2.1bn, with an average amount of $140mn raised per fund in the quarter. In Q1 2011, 16 private equity funds of funds held a final close, gaining $3.6 billion from investors, with an average fund size of $238mn. Of the 11 private equity funds of funds that held a final close in Q1 2012, eight have a main focus on the US, raising an aggregate amount of $1.2bn, while two Europe-focused vehicles closed in the quarter, accounting for an aggregate $44mn.
One Rest of World-focused multi-manager vehicle – Axiom Asia III – closed in the quarter, raising $1.2bn from LPs, representing the largest private equity fund of funds to close in the quarter. It invests in a variety of Asia-focused buyout and venture funds, focusing in particular on Greater China, India, Japan, Southeast Asia and Australia. The next largest private equity fund of funds to hold a close in Q1 2012 is 3i Debt Management’s Vintage II fund, which held a final close on $400mn. The vehicle targets investments with mid to large-cap buyout funds globally, focusing on experienced private equity fund managers. The third largest final close held in the quarter was by TrueBridge-Kauffman Fellows Endowment Fund II, which closed on $342mn and will invest in venture capital funds, with some growth equity exposure. The vehicle will predominantly target the information technology sector, focusing on opportunities in the US and to a lesser extent India and China.