ARCIS holds first close on fifth fund

The secondaries firm has raised €154m for its European Secondary Development Fund V. Swedish pension AP Fonden 3 is a returning investor.

ARCIS Group has held a first close for its European Secondary Development Fund V, raising €154 million toward its €350 million target, according to a regulatory document filed with the US Securities and Exchange Commission on Tuesday.

Swedish pension AP Fonden 3, an existing investor in the firm’s fourth fund, committed €40 million, according to documents from the pension plan. It previously committed €25 million to European Secondary Development Fund IV.

ARCIS, which has offices in London, Paris and New York, launched its fifth dedicated secondaries fund in July 2014, according to a previous filing with the SEC. It’s unclear when the firm plans on holding a final close.

ARCIS invests in private equity fund stakes and company positions mostly in Europe, but also in Asia and the US. The firm considers strategies including early stage, growth development and leveraged buyout and has completed more than 230 secondaries transactions.

It closed its European Secondary Development Fund IV in September 2008 with €354 million. Limited partners in that fund also included Pacific Life Insurance Company and German RWB Private Capital Fonds, according to PEI’s Research and Analytics division.

Founded in 1993, ARCIS is led by co-founders and managing partners Arnaud Isnard, who also co-founded New York-based VCFA Group, and Henri Isnard.

The firm did not return a request for comment.