Preqin’s Investor Intelligence online service currently tracks 219 private equity fund of funds managers with an interest in co-investment opportunities. Of these fund of funds managers, over half (51%) are based in North America, while just under a third (32%) are based in Europe. The remaining 17% are located in regions outside of the traditional geographies.
The largest private equity fund of funds manager with an interest in co-investment opportunities is Ardian, with $50bn in private equity assets under management. The France-based firm is a global investor and gains exposure to private equity through primary, secondary and co-investment opportunities. Its most recent dedicated co-investment vehicle, Astrea II, held a final close in April 2014, and will predominantly invest in the US.
AlpInvest Partners is the second largest fund of funds manager with an interest in co-investment opportunities, with $49bn in private equity assets under management. The firm’s most recent vehicle, AlpInvest Co-Invest V, held a final close on €1.2bn in December 2012. The dedicated co-investment vehicle will seek co-investment opportunities in the US.
The third largest fund of funds manager interested in co-investment opportunities is Goldman Sachs AIMS Private Equity, with $41bn in private equity assets under management. The firm pursues co-investment opportunities through its fund of funds vehicle, Private Equity Partners XI, which allocates up to 25% of the fund’s capital to the strategy. The vehicle will invest in Europe, North America and Asia.