Pictet raises its largest fund of funds, eyes secondaries

The Swiss manager has earmarked around a fifth of the $1.2bn Monte Rosa V for secondaries transactions and co-investments.

Pictet Alternative Advisors, a division of Swiss asset manager Pictet Group, gathered $1.16 billion for its largest fund of funds vehicle.

Around 20 percent, or $230 million, of Monte Rosa V will be deployed in secondaries transactions and co-investments, the firm said. Most of the capital will be invested in buyout, venture capital, growth and turnaround funds.

It has thus far committed 50 percent of Monte Rosa V.

North America and Europe buyouts will make up the bulk of fund commitments with the remainder in China, Australia and other emerging markets, PAA said.

Capital raised for Fund V is 40 percent larger than its 2017-vintage, $815 million predecessor. Investors include pension funds, financial institutions, foundations, family offices and high-net-worth investors.

The firm has backed funds managed by BC Partners, Arsenal Capital Partners and EQT, according to PEI data.

PAA manages $15.5 billion in private equity, of which $12.5 billion is in segregated accounts and $2.9 billion in the Monte Rosa commingled fund of funds programme.

The firm has backed more than 150 private equity funds and participated in 155 co-investments, of which 90 were realised generating a multiple of 2.70x on invested capital, PAA said.