Finland’s eQ hits €65m secondaries first close

Almost half the capital comes from the firm's latest fund of funds.

Finnish investment firm eQ Asset Management has held the first close on its second private equity secondaries fund, three months after wrapping up fundraising on its debut vehicle.

eQ PE SF II has raised €65 million out of an undefined target, according to a statement. About €32 million comes from another eQ fund, PE X North, a fund of funds that invests in Northern European lower- and mid-market vehicles and has a secondaries allocation of between 20 percent and 40 percent.

All of PE X North’s secondaries allocation will be invested through eQ PE SF II, the statement noted.

PE X North launched at the same time as eQ PE SF II and has the same investment period and has also held a first close, on €83 million, according to the statement. Both funds are expected to hit final close in June 2018.

eQ PE SF II is to start its investment period immediately and has acquired stakes in seven fully invested funds.

In September eQ raised its €137.5 million eQ PE SF secondaries fund especially to acquire a portfolio of 17 fully invested western European mid-market buyout funds from Access Capital PartnersSecondaries Investor reported.

Investors in eQ PE SF include another eQ fund, PE VIII North, and the Finnish State Pension Fund.

eQ’s private equity unit managed €4.2 billion in assets as of 30 June 2016, according to its website.