Of the 166 private equity fund of funds vehicles currently raising capital, 24 include an allocation for mezzanine investments either through fund investments or directly. Of these, 12 have a main focus on the US, five on Europe, and seven on Asia and Rest of World.
For example, McNally Capital Mezzanine Fund II will invest all of its capital in mezzanine funds and will focus on small to mid-market US-focused vehicles. The private equity fund of funds vehicle is targeting $100mn and held a first closing in February 2011 on $20mn. Another fund of funds vehicle with an allocation to mezzanine investments is Perennius Asia-Pacific & Emerging Markets 2011. The fund, which is targeting €100mn and is targeting Australia, Brazil, South-East Asia, Korea, CEE, India and China, can allocate up to 20% of its capital to mezzanine investments. The vehicle has been actively investing since its first closing in December 2010, and a final close is anticipated in June 2012. Stonetree Capital Fund IV also includes an allocation for mezzanine – between 5% to 15% of its total capital. The private equity fund of funds vehicle is targeting a total of $200mn and held a first close in April 2011 on $50mn. The fund has a broad geographical mandate and will invest in North America, Europe and Asia.