Access Capital Partners has collected €350 million for its sixth buyout fund of funds and is expected to exceed the fund’s €400 million target, it said in a statement.
Access Capital Fund VI Growth Buy-out launched in 2013 and held a first close on €190 million in January. Commitments have come from European investors including pension funds, insurance companies and large family offices. Limited partners in the fund include UK-based Clwyd Pension Fund, according to PEI’s Research and Analytics division.
Access previously said fundraising looked strong which could help the fund close within nine to 12 months after the first close.
The fund has already committed to nine small primary private equity funds and has completed one secondary transaction.
Europe’s secondaries market is increasingly competitive but Access “remains focused on building high quality portfolios capitalising on [its] detailed knowledge of the European smaller funds’ landscape which generates continuous deal flow”, the firm said in the statement.
Secondary transactions will make up 40 percent of the fund’s investments, which has also been the case for Access’ prior buyout fund of funds.
Access Capital Fund V Growth Buy-out closed on €500 million in 2012, according to PEI data.
The Paris-based firm is also in market with its second private debt fund. The fund held a first close on €56 million last week and has a €150 million target. The fund will make private debt and mezzanine investments in Europe’s mid-market through co-investments, supplemented by primary and secondary commitments.