Arcis holds final close on Fund V

The secondaries firm has raised €288m for European Secondary Development Fund V after about two years of fundraising.

Arcis Group has held the final close on its latest secondaries fund below its original €350 million target, according to a filing with the US Securities and Exchange Commission.

The London-headquartered secondaries firm has raised €288.2 million for European Secondary Development Fund V, according to a 19 August SEC filing. The target was lowered to €288.2 million from €350 million in the Form D.

European Secondary Development Fund V launched in July 2014 and has attracted commitments from limited partners including Sweden’s AP Fonden 3 and Houston Firefighters’ Relief and Retirement Fund, according to PEI Research & Analytics. The firm had raised over three-quarters of the target at the end of April, according to SEC filings.

Fund V attracted investments from 20 limited partners, according to the latest filing. Threadmark, PTP Securities and Credit Suisse are listed as having placed the fund.

Arcis’s previous vehicle, European Secondary Development Fund IV, closed on €354 million in 2008 after nine months of fundraising, according to PEI data.

Arcis invests in private equity fund stakes and company positions mostly in Europe, as well as Asia and the US. The firm focuses on early stage, growth development and leveraged buyouts and has completed more than 230 secondaries deals, according to its website.

The firm was founded in 1993 and has offices in Paris and New York.