Fundraising

Committed Advisors hits hard cap on new mid-market hybrid fund

The Parisian secondaries shop is the latest to recognise opportunity in the mid-market in the shadow of secondaries mega-funds.

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Committed Advisors SAS, the Paris-headquartered secondaries shop, has closed a new pool of capital that includes a primary market component.

On Tuesday the firm with €3.6 billion assets under management announced a final close for its Committed Advisors Primary Fund I, according to a press release.

The fund hit its hard cap with €161 million in commitments raised from institutional investors, family offices and high-net-worth individuals.

Managing director Daniel Benin said the new fund will invest in primary and early secondary opportunities and co-investments to create “a diversified portfolio of assets across geography, sectors and vintages, in the middle market space”.

The primary component aims for “best-in-class” mid-market GPs. The early secondary component helps mitigate the J-curve and increase portfolio velocity, while the co-investment piece will generate additional alpha, Benin added.

The fund will allocate 60 percent of its capacity to European deals, with the remainder to North America and Asia.

There are already several investments in the fund, which offered strong visibility to LPs, according to Benin. There are 15 direct co-investments and 19 fund investments at the time of closing.

Committed Advisors isn’t the only manager to recognise the mid-market opportunity recently. Pantheon, the 10th-ranked group in the SI 50 list of the largest fundraisers in secondaries, is targeting $2 billion for Pantheon Global Secondary Fund VII, Secondaries Investor reported last week. That fund is sized “to fill the void” left by competitors raising larger funds, according to a pitch deck.

Committed Advisors last November closed €1.6 billion for its fourth flagship programme, Committed Advisors Secondary Fund IV. That fund was dedicated to secondaries in North America and Europe, Secondaries Investor understands.

In addition to its Paris headquarters, Committed Advisors has offices in New York and Singapore. It employs 35 professionals globally, including founding partners Benin, Barthelemy de Beaupuy, JB Stock and Guillaume Valdant.