Idinvest closes Fund II on €214m

The Allianz spin-out has deployed approximately €67m already, purchasing LP stakes in SME-focused European funds.

Idinvest Partners, the Europe-focused fund of funds, has raised €214 million for its first secondaries fund since spinning out of former parent Allianz in 2010.

Idinvest Secondarie Fund II (ISF II) exceeded the fund’s initial €200 million target, the firm said in a statement.

ISF II will follow the same strategy as the firm’s Fund I, raised when the group was AGF Private Equity, focusing on mature secondaries transactions in the European small and mid-market.

“We believe the mid-market still presents a sizeable, attractive and under-exploited segment of the much larger mainstream secondaries market,” Christophe Simon, Idinvest Partners’ head of secondaries, said in a statement.

Fund II began marketing in 2012 and held a €100 million first-close in September of 2013. It has deployed approximately €67 million purchasing LP stakes in SME-focused European funds.

Allianz contributed $40 million of capital to ISF II but was not the single largest investor, PEI reported previously.

Christophe Bavière, Idinvest chief executive officer, said 35 percent of ISF II’s commitments came from new LPs consisting of institutional investors and family offices from Europe, North America and Asia.

LPs in Idinvest’s other funds, such as its TMT-focused “Digital Fund II” currently targeting €200 million, include French media conglomerate The Lagardère Group and former parent Allianz France, according to PEI data.

Earlier this week Idinvest told Secondaries Investor that it was to spend €200m on the private debt secondaries market. The firm is raising two private debt funds of €300 million each; roughly a third of each fund is expected to be deployed on the secondaries market.