SwanCap’s opportunities fund holds first close

The firm has collected about half the €400m target for SwanCap Opportunities Fund III which can invest in direct secondaries.

SwanCap Partners, a German manager, has held a first close on its latest private equity fund that can invest in direct secondaries, sister publication Private Equity International has learned.

SwanCap Opportunities Fund III has raised about half its €400 million target, according to a person familiar with the matter.

SwanCap declined to comment on its fundraising progress.

The Munich-headquartered firm’s investment approach includes three strategies: investing in mid-market private equity funds focusing on Europe and North America, direct secondaries, and direct co-investments. The firm also offers customised managed accounts.

SwanCap ranked 16th in Secondaries Investor’s Si30, a ranking of the top 30 managers of dedicated capital raised for secondaries investments over the last five years. The firm’s previous fund, SwanCap Opportunities Fund II, closed on its target in December 2014, raising €600 million.

SwanCap was founded in 2013 by senior professionals from Italian bank UniCredit’s private equity unit. The firm manages a significant portion of UniCredit’s private equity portfolio, which it bought in early 2014.

The firm has about €3 billion in assets under management.