Adveq has held the final close on its latest fund of funds vehicle that will focus on European small buyout investments.
The Zurich-headquartered private equity firm amassed €462 million for Adveq Europe VI, beating its €350 million target, according to a statement. The fund, which was registered in the UK in July 2014 according to a Companies House filing, will invest in primary, secondaries and co-investment opportunities.
The fund focuses on transformational, turnaround and specialist managers and has already begun investing. It will target companies with a “strong and defendable market position” and “significant value creation potential through revenue growth and business transformation”, the statement noted.
This sector remains very attractive, Tim Creed, managing director and head of Adveq’s European investment practice, said.
Limited partners in Adveq Europe VI include a global mix of pension funds, insurance companies and endowments.
The fund’s predecessor closed on €316 million in 2013, according to PEI data.
The firm has also collected about two-thirds of the target for its latest dedicated secondaries vehicle, Adveq Secondaries III, and is expected to hold the final close in the first half of next year, as Secondaries Investor reported. It is understood Adveq Secondaries III’s target is north of $200 million.
Adveq was founded in 1997 and has $6.5 billion in assets under management, according to PEI data. The firm has offices in eight locations around the world.