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Akina nears second close for maiden secondaries fund

Akina Euro Choice Secondary is expected to hold a second close on more than €100m, after its first close on €73.5m in July.

Akina Partners could hold a second close for its first secondaries fund later this month, Secondaries Investor has learned.

Euro Choice Secondary held a first close on €73.5 million in July and is expected to hold a second close on more than €100 million, according to multiple sources familiar with the matter.

Akina declined to comment but in July, head of secondaries Christian Böhler said the fund had a €200 million target.

Euro Choice Secondary targets high-discount investment opportunities in the European mid-market and invests between €5 million and €30 million in funds focused on the healthcare, energy, food, infrastructure, distribution and real estate sectors.

About 80 percent of the capital raised for the first close has been deployed, a source disclosed. The transactions include a €35 million purchase of a portfolio of 30 European funds, primarily focused on Spain and Portugal, Secondaries Investor reported in July.

“Most of these opportunities are with country funds in the core of Europe, complemented by pan-European mid-market funds,” Böhler said at the time.

Zurich-based Akina has been investing in secondaries since 2000 through a series of separate accounts, co-mingled funds and fund of funds. Between 10 percent and 20 percent of each vehicle was allocated to secondaries. The most recent fund – Euro Choice Fund V – closed on $372 million earlier this year, although it had been targeting roughly $910 million.