The European Investment Fund is approaching the halfway mark on its first secondaries fund to tap third-party investors.
The private investment arm of the EU has collected just shy of €100 million on the way to a €200 million target, according to a source with knowledge of the matter. The fund can stay in market until the end of 2022.
The vehicle is aimed at smaller investors that do not have the capacity to evaluate private equity investments in house, Secondaries Investor understands.
The Luxembourg-headquartered institution is also preparing to sell up to €300 million of buyout and venture capital stakes. The portfolio is expected to hit the market in the first quarter, Secondaries Investor understands.
The secondaries fund came to market 2019 with a hard-cap of €300 million and will make LP-led and GP-led investments in managers with which the EIF has longstanding relationships, Secondaries Investor reported.
Between 2016 and 2019, the EIF invested a €250 million pool of secondaries capital off its own balance sheet, which it is using as a proof of concept for the third-party fund.
The organisation’s primary platform invests with a mission to provide funding for SMEs via private equity and venture capital funds. The secondaries fund has a profit motive.
Among the EIF’s longstanding GP relationships are Inflexion Private Equity Partners, Portobello Capital and Livingbridge, according to its website.
The EIF had not responded to a request for comment by the time of publication.
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