Adveq, the Swiss fund of funds manager, has closed its second secondaries fund at its $175 million hard cap, beating its target of $150 million.
Adveq said that the new fund, like its predecessor fund, would pursue smaller “sub-radar” opportunities across a broad range of investment stages, including small and midsize buyouts, development and early-stage venture capital funds.
“At Adveq we are big believers in the value of sub-radar secondary transactions,” Adveq chief executive Sven Lidén said in a statement. “The expertise of our global team allows us to target those single line sales or small portfolios, typically from smaller funds, which only a few potential buyers with deep insights can access.”
It did not specify any of the LPs in the new vehicle, saying only that it was a mix of pension funds, insurance companies and family offices.
Adveq was founded in 1997 and had $5 billion in assets under management as of June. Last month it opened an office in London, its third in Europe.