Akina collects €122.5m for secondaries

Euro Choice Secondary is the firm's first dedicated secondaries fund and is expected to hold a final close in December.

Zurich-based private equity advisor Akina has held an interim close for its debut secondaries fund on €122.5 million, according to a statement. The fund held a first close on €73.5 million in July.

Euro Choice Secondary is expected to surpass its €200 million target and to close on 17 December. Most of the fund’s limited partners are large institutional investors in Europe and the US.

The fund has already invested two-thirds of its capital and had deployed roughly 80 percent of the capital raised for the first close by the end of September.

Earlier this year, Akina acquired a portfolio of 30 European funds for €35 million. The portfolio was purchased at a discount of more than 50 percent, Akina head of secondaries Christian Böhler had previously said.

Most of the investments have been in European funds focused on distribution, food, energy, healthcare, infrastructure and real estate. The average deal size is between €5 million and €30 million.

“The focus on smaller deal sizes often allows the fund to benefit from the attractive characteristics of this market, in particular limited competition,” Akina said in the statement.

Akina advises the mid-market Euro Choice flagship funds. In 2012, Akina advised Euro Choice Fund V, a $372 million fund of funds and co-investment vehicle, according to PEI’s Research and Analytics division. The first four Euro Choice funds were commingled programmes with a secondary allocation. Fund V also had a secondary allocation but it was used early in the programme, so Akina launched the dedicated vehicle, Böhler had previously explained.