Akina, a fund of funds manager, has acquired a portfolio of three European fund stakes with its almost fully invested dedicated secondaries vehicle.
The Zurich-headquartered firm bought the interests from German foundation Max Planck Förderstiftung, according to Christian Böhler, the principal in charge of secondaries at Akina.
“The deal was not discount-driven,” Böhler told Secondaries Investor. “Rather, it was a solid, well-diversified portfolio with significant upside potential from current valuation levels.”
The portfolio includes a stake in UK-focused buyout fund NorthEdge Capital Fund I, according to a UK regulatory filing. It also includes stakes in German and eastern European mid-market buyout funds in which Akina was already an investor, Böhler said, without naming the funds.
The stake in NorthEdge I represents two-thirds of the portfolio. NorthEdge Capital Fund I is a £225 million ($341 million; €312 million) vehicle that closed in April 2013 after two years of fundraising, according to PEI’s Research and Analytics division. The fund is Manchester, UK-based NorthEdge Capital‘s sole fund and holds 12 portfolio companies including leisure club operator Total Fitness, chemicals manufacturer Fine Industries, and IT solutions provider Jigsaw24, according to NorthEdge’s website.
Munich-based Max Planck is a charitable tax-exempt foundation that provides funding for scientific research to the Max Planck Society, its sole beneficiary, according to its website.
Akina completed the deal through its Euro Choice Secondary vehicle, the firm’s €224 million first dedicated secondaries fund. The fund has made between 10 to 12 investments since its launch in July 2013 and is now over 60 percent drawn and more than 80 percent committed, Böhler said.
NorthEdge and Max Planck Förderstiftung did not return requests for comment.