Committed Advisors collects €1bn for Fund III

The fund, which launched in March 2016, is the fifth-largest euro-denominated vehicle focusing on the strategy ever raised.

Committed Advisors has held the final close on its third secondaries fund – the fifth-largest euro-denominated vehicle raised for the strategy – after just over a year of fundraising.

The Paris-headquartered secondaries firm has raised €1.03 billion for Committed Advisors Secondary Fund III, according to a statement.

The fund launched in March and held a first close on €600 million in April and a second close on €800 million in the summer, Daniel Benin, the firm’s managing partner, told Secondaries Investor.

The firms will focus on replicating its mid-market strategies from its first two funds, Benin said.

Fund III attracted “massive re-ups” from the firm’s existing investors as well as new investors, he said. The fund launched in 2016 and had an initial target of €750 million, according to PEI data.

Investors include pension funds, financial institutions, family offices and high-net-worth individuals from Europe, North America and the Asia-Pacific region, a statement from the group said.

Committed Advisors’ first secondaries vehicle closed in June 2011 with €275 million of commitments. Its successor launched in August 2013 and closed in July 2014 with €504 million of commitments. Both funds are fully invested across more than 50 transactions, according to the statement.

All three funds are geared towards acquiring mature, small- and mid-sized secondaries assets across North America, Europe and the emerging markets. Committed Advisors is primarily focused on buyout and growth equity assets and is open to opportunities in the distressed, turnaround, venture capital and sector-specific segments.

The firm has invested in as many as nine fund restructurings, including acting as the lead buyer of a group of investors in a process involving an Asia-based fund, Benin said.

Committed Advisors was founded in 2010 and is headquartered in Paris, with offices in New York and Singapore. With the close of Fund III, the firm has €1.8 billion in assets under management.

Its founding partners are Daniel Benin, Barthelemy de Beaupuy, JB Stock and Guillaume Valdant.

The four largest euro-denominated funds are Partners Group’s 2008, 2011 and 2015-vintage secondaries funds, which closed on €2.5 billion, €2.5 billion and €2 billion respectively, and AlpInvest Partners’ 2010-vintage Main Fund IV – Secondary Investments at €1.9 billion.