Five Arrows Secondary Opportunities (FASO), the European small and mid-cap secondary business of Rothschild Merchant Banking, has completed the fundraising of Five Arrows Secondary Opportunities IV (FASO IV) at EUR451 million after only a few months of fundraising.
A significant majority of limited partner commitments originated from existing investors in Five Arrows Secondary Opportunities III (FASO III). In addition, the fund attracted strong interest from new investors comprising top tier institutions and family offices around the globe.
FASO’s investment team is comprised of 13 professionals and is run by Mireille Klitting, managing partner. FASO IV will continue to focus on European small and mid-cap secondary transactions. The fund will seek to maintain its predecessor funds’ strong bias towards secondary direct transactions, where it purchases portfolios of companies.
FASO IV has already completed its first two European secondary direct transactions.
Marc-Olivier Laurent, head of Rothschild Merchant Banking, says: “We are delighted with the support we have received from our investors and grateful for their continued backing. We are also very pleased to welcome new investors. The success we have had in raising FASO IV is testament to the team’s consistent track record over the last 13 years and the powerful synergies from the broader Rothschild & Co franchise."
Mireille Klitting, managing partner of FASO, says: "The secondary market is now an established asset class that offers opportunities across cycles with excellent risk-reward pattern. Opportunities in funds restructurings, fund managers spin-off, investor base rebalancing is a growing segment that requires specific know how. FASO IV is well-positioned to capture those opportunities thanks to its established expertise in secondary directs.”
