Akina Group said that its latest flagship fund, Euro Choice VI, has closed at 410 million euros ($442.57 million). Euro Choice VI exceeded its target of 300 million euros. The fund targets mid and lower end of the European market through primary – and selectively secondary – buyout, growth capital and special situations fund investments.
Euro Choice VI surpasses target size at final closing
Euro Choice VI, the Akina-advised private equity programme focusing on the mid and lower end of the European market, and related vehicles, had its final close on 31 January 2017 at EUR 410 million, substantially exceeding its target size of EUR 300 million.
Akina, the leading specialist advisor to private equity in Europe, is pleased to announce the final close of its flagship product Euro Choice VI and related vehicles focusing on primary investments. The fund is progressing well, having already successfully closed 13 attractive investments: three secondary transactions (Italy, Spain and CEE) as well as ten primary investments, of which eight were on an “invitation only” basis (Sweden, England, France, Italy, Spain, Germany, Benelux, DACH, Pan-Europe and CEE). The careful selection of investments resulted in a net performance of 1.12x TVPI and 17.5% IRR as per 30 September 2016, a remarkable result at this early stage of the fund’s life.
The Euro Choice VI investment programme focuses on the mid and lower end of the European market through primary – and selectively secondary – buyout, growth capital and special situations fund investments. The first Euro Choice investment programme was launched in 2000.
Christopher S. Bödtker, Managing Partner of Akina, comments: “This achievement shows the recognition and trust we have received from Euro Choice‘s existing and new investors. It underscores their strong belief that the sixth Euro Choice generation will continue its successful, award-winning strategy and deliver superior and stable investment performance.”
“The demanding market environment in Europe requires investors to work with specialists close to the market”, explains Thomas Frei, Senior Partner of Akina. “Our in-depth understanding of the European market, our extensive experience and our excellent track record, convinced investors to commit to Euro Choice VI. We are very pleased to welcome an important number of new investors and would like to thank them, as well as our existing investors, for their trust and support.”
Mark Zünd, Senior Partner of Akina adds: “Our performance is driven by strong macro convictions, aiming to identify and exploit economic sweet spots in Europe. We will work hard on delivering enhanced returns to investors and have identified further exciting specialist primary fund investments, which will be considered for Euro Choice VI in the ensuing months. We are very optimistic that Euro Choice VI will prove an attractive investment for its investors.”
Akina is currently fundraising for the second generation of its secondary investment programme, Euro Choice Secondary II, and for its first dedicated co-investment programme, Euro Choice Direct.
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The Akina Group offers European private equity funds focusing on investing into small and medium size businesses through its alternative investment manager, Akina (Luxembourg) S.A. and its adviser, Akina Ltd. Since 1999, the Euro Choice flagship programmes and mandates have attracted over EUR 2.6 billion (USD 2.8 billion) from well over 150 qualified investors around the globe. The Akina team combines a broad fund and direct investment expertise.
Akina was awarded “Best SME European Private Equity Firm – Switzerland” by International Fund Awards 2016 as well as the Gold Award (2011, 2016) and the Silver Award (2012 – 2015) for ‘best regional investment strategy’ by Private Equity Exchange & Awards.
Akina (Luxembourg) S.A. is an alternative investment fund manager (AIFM) registered with the Luxembourg Commission de Surveillance du Secteur Financier (CSSF). Akina Ltd is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC).
Akina is a signatory to the Principles for Responsible Investment (PRI).