Sobera Capital is exploring a move away from the deal-by-deal model it has employed since foundation.
The Berlin-headquartered secondaries firm is in talks with the European Investment Fund about it becoming the keystone investor in Sobera Capital Fund VI, its first commingled fund, according to a source with knowledge of the matter.
The vehicle, which is not yet being marketed, will target at least €125 million, Secondaries Investor understands.
Since 2010, Sobera has raised five vehicles geared towards specific secondaries opportunities, according to Secondaries Investor data. The firm targets European growth- and small-cap assets in information technology, applied technologies and healthcare, with transaction sizes of up to €50 million.
Sobera mainly invests in direct secondaries and can acquire limited partnership stakes and back GP-led secondaries processes, according to its website.
Last week the firm released a statement announcing the acquisition of direct minority stakes in three European business from A Plus Finance, a French technology-focused investment trust. The deal was advised by Paris-based advisory firm Jasmin Capital, Secondaries Investor understands.
In February 2018 Sobera acquired a portfolio of 12 holdings in early-stage healthcare companies from Innoveas International, a UK subsidiary of German venture capital firm Innoveas, Secondaries Investor reported.
Managing partners Stefan Beil and Johannes Rabini founded Sobera in 2010, according to their respective LinkedIn profiles. Prior to that they were partners at Triginta Capital, a Dusseldorf-headquartered small- and mid-cap investor.
Other secondaries vehicles that the EIF has backed include 2017-vintage Cipio Partners Fund VII and 2013-vintage Verdane Capital VIII, according to Secondaries Investor data.
Sobera and the EIF declined to comment.