Evoco has held a first close on its latest secondaries fund aimed at German-speaking Europe.
The Zurich-headquartered direct secondaries firm has raised €93 million for Evoco TSE III out of a target of €150 million, according to a statement. Commitments came from a mix of new and existing investors including large single-family offices and institutional asset managers, with the general partner committing €6 million.
Evoco acquires portfolios of lower-mid-market companies in German-speaking Europe, targeting businesses led by experienced management teams with turnover of between €30 million and €250 million.
“We have pioneered the method of acquiring multiple companies in one single transaction, the preferred method for vendors looking for an efficient way to realise peripheral value and focus on their core business,” said co-founder and partner Felix Ackermann.
Evoco often employs a fund succession model, co-founder Michel Galeazzi wrote in 2016, buying out departing LPs, injecting money into the acquired assets and taking over management responsibility.
Companies in its portfolio include electronic goods e-commerce platform re-Buy, QR scanning software company doo and women’s fashion website navabi, according to its website.
Evoco was founded by Ackermann, formerly of 3i, and Hg and UBS alum Galeazzi.