Adveq mulls restructurings, directs

The firm is currently in market raising its third dedicated secondaries fund.

Fund of funds Adveq is “evaluating” a move into GP restructurings and direct secondaries, according to a presentation seen by Secondaries Investor.

The firm has focused its secondaries activity on single line transactions, portfolio transactions and tail-end situations. It is currently raising capital for its third dedicated secondaries vehicle.

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 2015 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. It is unclear whether the firm would be able to invest in restructurings and directs from the new fund or whether it would have to raise a separate vehicle.

Adveq Secondaries II closed above its target on $175 million in September 2013, according to PEI data. 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.