ODDO surpasses target for debut secondaries fund

The French and German manager, which raised €358m for the vehicle, has invested almost €80m across eight transactions already from the fund.

ODDO BHF Private Equity, the investment arm of global wealth manager ODDO BHF, has wrapped up fundraising for its debut secondaries vehicle after almost two years in market.

The French and German manager gathered €358 million for ODDO BHF Secondaries Fund, exceeding its €300 million target, according to a statement. The fund closed in July.

The firm launched the vehicle in April 2018 following its acquisition of ACG Capital, the €1.8 billion fund of funds and secondaries arm of ACG Group. It held a first close on more than €160 million in November that year, as previously reported.

The firm sought capital for the vehicle from ODDO’s existing LP base, which includes European and Middle Eastern institutional investors, Nicholas Chaput, chairman of ODDO BHF Private Equity, told sister title Private Equity International in 2018.

Capital raised for the vehicle will be invested in secondaries transactions in mature and cash-generative assets. The firm will invest between €5 million and €50 million per deal.

The fund has at least a 70 percent allocation to European and North American buyout secondaries opportunities, with the remainder in primary fund commitments, Chaput said at that time.

ODDO has already completed eight transactions of close €80 million in the US and Europe from the vehicle, according to a statement.

ODDO BHF Private Equity manages assets of more than €2.3 billion, according to a statement.