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ODDO targets €500m for latest secondaries fund

The firm's debut secondaries fund raised €358m to invest in North American and European buyout funds in the lower mid-market.

ODDO BHF Private Equity, the investment arm of global wealth manager ODDO BHF, is back in market with its latest secondaries fund.

The Paris-headquartered manager came to market in the first quarter targeting €500 million for ODDO BHF Secondaries Fund II, according to two sources with knowledge of the fundraise. Fund II has received a substantial anchor commitment from its parent, according to one of the sources.

ODDO’s debut secondaries fund raised €358 million against a target of €300 million, Secondaries Investor reported at the time of final close in July 2020. Fund I targeted investments of between €5 million and €50 million in mature and cash-generative assets, Secondaries Investor reported.

Fund I had at least a 70 percent allocation to European and North American buyout secondaries opportunities, with the remainder in primary fund commitments. It also participated in a number of large GP-led deals as a syndicate member, Secondaries Investor understands.

A spokesman for ODDO, who declined to comment on the fundraising, confirmed the strategy is led by managing director Jérôme Marie. Marie joined from ACG Capital, the €1.8 billion fund of funds and secondaries arm of ACG Group, which was acquired by ODDO in 2017, marking its first foray into private equity.

In February, ODDO hired Richard Clarke-Jervoise, the former head of private capital at multifamily office Stonehage Fleming, to lead the build-out of a European venture capital platform.

The firm has €2.5 billion in assets under management across its fund of funds and secondaries platforms.