ODDO BHF Private Equity, the investment arm of global wealth manager ODDO BHF, has reached a first close on its maiden secondaries fund raised since acquiring a private equity secondaries unit.
The French and German firm collected more than €160 million for ODDO BHF Secondaries Fund, which has a €300 million target and focuses on the lower end of the market, according to a statement. ODDO began fundraising in July and is expected to hold a second close in the first close of next year.
ODDO made a significant anchor investment to the fund, in addition to commitments from predominantly French and German institutions.
The firm is also raising a separate €100 million vehicle among French retail investors with a minimum commitment of €10,000, a spokesman for ODDO told Secondaries Investor. The retail fund is targeting a first close in December and has marketing permissions until December 2019.
ODDO BHF Secondaries Fund has at least a 70 percent allocation to European and North American buyout secondaries opportunities, with the remainder in primary fund commitments, global chief executive Nicolas Chaput told sister publication Private Equity International in April. It will pursue deals of €5 million to €50 million in mature assets and is completing its first two secondaries deals.
The move comes after ODDO’s April acquisition of ACG Capital, the €1.8 billion fund of funds and secondaries arm of ACG Group. The deal marked ODDO’s first venture into private equity, amid plans to diversify the private equity unit’s investor base to high-net-worth investors, private banks and family offices.
ODDO hired Ferdinand Dalhuisen, former global head of primary investments at Deutsche Bank Private Equity, in January to serve as co-head of the private equity fund of funds business and build on its German presence. The firm’s private equity arm manages €1.9 billion in assets through 25 investment funds, according to its website.