ODDO BHF Private Equity has successfully completed the first closing of ODDO BHF Secondaries Fund with total commitments above EUR160 million, including a dedicated mandate for an institutional investor.
Fundraising for the strategy started in July 2018.
Commitments are mostly from French and German institutional clients. As an anchor investor, the ODDO BHF Group has made a significant investment in the fund.
Nicolas Chaput, President of ODDO BHF Private Equity, says: “We are proud to receive such a strong support both from our historical partners as well as new investors that consider the secondary Private Equity market as a strong investment opportunity given the current market conditions. This first closing, happening less than 4 months after the launch of the strategy is also a great recognition of the quality and long-standing track record of the PE team, led by Gilles Michat, Jérôme Marie and Ferdinand Dalhuisen.”
ODDO BHF Secondaries Fund invests in the lower end of the secondary European and North American markets, specifically focusing on medium seized transactions ranging from EUR5 million to EUR50 million. The Fund specialises in investing in mature and primarily cash generative assets with dominant positions and strong commitment of management teams.
Gilles Michat, Managing Director of ODDO BHF Private Equity, says: “The differentiating niche approach of the Fund is based both on our ability to negotiate attractive conditions at entry and acquire assets presenting a strong value creation potential. Focus on smaller transactions allows us to invest in a healthy segment where competition remains limited and offers attractive entry points in the Private Equity market.”
The Fund will capitalise on the team’s extensive experience and sourcing capabilities in Europe and North America, resulting from its 18-year investing experience. The fund is currently completing its two first investments in European and US assets.
The second closing is expected to take place in Q1 2019 with the support of additional French, German and European institutions, corporations, family offices and high net worth individuals. The Fund is targeting a size of EUR300 million, alongside a retail secondary fund whose first closing should take place in December 2018.
