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Keyhaven makes partner promotion

The Europe-focused lower-mid-market firm is in market with Keyhaven Secondaries Fund III targeting $585m.

Europe-focused lower-mid-market secondaries firm Keyhaven Capital has bulked up its senior team.

The London-based manager has promoted Teddy Mouawad to partner, bringing the number of top-level professionals to seven, according to a statement. Mouawad will be responsible for sourcing, executing and monitoring investments, as well as maintaining relationships with local partners, with a particular focus on southern Europe.

“Teddy’s contribution to our collective efforts, including the sourcing of new investments, his strong relationship building amongst local partners, management teams and intermediaries alike, and his terrific work on exiting portfolio investments are a few important examples of how he has raised the bar at Keyhaven,” said managing partner Sasha van de Water.

Among the transactions Mouaward led during his time as an investment director are the acquisition of EANOS Investments, a portfolio of 15 commercial properties, which Keyhaven exited in October for 2x cost, and a GP-led restructuring on a fund containing three French companies, the statement added.

In November, Secondaries Investor reported that Keyhaven was to begin marketing Keyhaven Secondaries Fund III this year. The fund is targeting $585 million, according to a filing with the US Securities and Exchange Commission.

Keyhaven’s previous secondaries fund was the 2019-vintage Secondaries (Top Up) II, which raised more than €100 million, according to Secondaries Investor data. This followed the 2017-vintage Keyhaven Secondaries Fund II, which raised €250 million from investors including Swedish pension AP Fonden 4.

The firm has raised more than €2 billion and made more than 60 secondaries investments since it was founded in 2003.