Idinvest eyes summer close for third secondaries fund

The investor hopes to close its third dedicated fund on target by the end of summer and is seeking investment from more Middle Eastern and Asian sovereign wealth funds.

Idinvest Partners, the mid-market investor spun out of Allianz, hopes to raise more than €1.5 billion across its various strategies in 2016 by tapping into more Middle Eastern and Asian sovereign wealth funds.

The firm currently has €6.4 billion under management across fund of funds, private debt, growth capital and venture. It is on the road raising money for its third secondaries fund, said Christophe Bavière, the firm’s president, in an interview with sister publication Private Equity International.

The firm hopes to close its third secondaries fund, Idinvest Secondary Fund III, on its €400 million target by the end of the summer, said Bavière, which will represent a significant rise from its €250 million 2014 predecessor. The typical size of deals from this fund will be around €40 million.

Idinvest spun out from European insurer Allianz in 2010 and has since grown its assets under management from €2.5 billion to €6.4 billion. Its core LP base reflects its insurance heritage, according to Bavière, but the firm is now seeking to build relationships with sovereign wealth funds in Asia and the Middle East, which as a group tend to be under-allocated to mid-market and growth capital in Europe, he said.