Adveq launches third secondaries fund – exclusive

The fund of funds has returned to market with its latest dedicated secondaries vehicle that will follow a similar strategy to its predecessor.

Adveq, a Swiss-based fund of funds, is back in market with its third dedicated secondaries vehicle, Secondaries Investor has learned.

The firm is seeking north of $175 million for Adveq Secondaries III, according to a source familiar with the fundraising. The vehicle was registered on 6 October in the UK, according to a filing with Companies House.

Adveq Secondaries III is expected to follow a similar strategy to its predecessor which focuses on smaller deals in specialised strategies and segments, avoiding competitive auctions. Adveq Secondaries II closed above its target on $175 million in September 2013, according to PEI Research & Analytics.

In January, Adveq held final closes on two vehicles including Adveq Europe Co-Investments, which raised €102 million, and Adveq Specialized Investments, a €323 million fund that will make a mixture of primary and secondaries investments as well as co-investments.

Adveq declined to comment.