ACE & Company, a Switzerland-based private equity firm, has held the final close on its latest secondaries fund.
The Geneva-headquartered firm has collected more than its $30 million target for ACE Secondary Investments V, according to a statement.
“We are pleased and grateful for the interest in two of our flagship funds in these times of economic turbulence,” Adam Said, the firm’s chief executive, said. “The level of interest can be seen as a measure of smart investors actively recognising opportunities but is also a positive sign of the financial community playing a role in supporting companies and entrepreneurs through direct investment.”
ACE’s first four secondaries funds have combined capital of more than $100 million, according to the statement. It is unclear how much predecessor Fund IV raised at final close and the firm did not return a reply to this question by press time.
The firm’s secondaries strategy involves acquiring small commitment fund interests in high-quality private capital managers.
ACE has also collected $100 million for its fourth buyout vehicle, the firm noted.
ACE was founded in 2005 and has more than $1 billion in total assets. It has offices in New York, Cairo, Hong Kong and London in addition to Geneva.