Auda closes $332 mln for third secondary fund

Global investment manager Auda International L.P. has raised $332 million in the final close of its third secondary fund. The pool’s original target was $300 million. Its LP base includes institutional investors, insurance companies, endowments, financial institutions and high net worth individuals.


NEW YORK, BAD HOMBURG & HONG KONG–(BUSINESS WIRE)–Auda International L.P. (“Auda”), a leading global sponsor of private equity funds-of-funds, secondary funds and co-investment funds, announced the final close of Auda Secondary Fund III L.P. (“ASF III”) on December 31, 2013, with limited partner commitments of $332 million. ASF III generated significant interest from a wide range of private equity investors, exceeding its original target of $300 million. A majority of the capital committed to ASF III came from institutional investors, including public and private pension funds, insurance companies, endowments, foundations and financial institutions, as well as from family offices and high net worth individuals.
Ernest Boles, Auda’s Chief Executive Officer, commented, “We are pleased by the strong support from existing Auda investors, who represented over 60% of capital committed to ASF III. We are also pleased to have attracted 12 new institutional investors, from both Europe and the United States, totaling over 30% of ASF III’s committed capital. With nearly 25 years of experience in the private equity markets, Auda’s track record of balancing risk and return clearly resonates with a variety of global investors.”
Like its predecessor funds, ASF III will focus on less competitive niches in the global secondary market, especially smaller and more complex transactions. Auda will construct the ASF III portfolio using traditional secondary market purchases of limited partner interests and similar transactional investment strategies (e.g., secondary direct transactions).
Stephen B. Wesson, Auda’s head of global private equity, added, “The private equity secondary market has grown significantly in recent years. We believe Auda’s global, integrated platform, which combines primary fund investing, co-investing and secondaries, is a key driver of success in the current environment. Our focus on small to mid-size transactions and our ability to engineer creative liquidity solutions for both limited partners and general partners are also critical elements in our strategy.”
About Auda International L.P.
Founded in 1989, Auda International L.P. is a global investment manager and advisor focused exclusively on private equity. Auda’s private equity investment vehicles include commingled primary funds-of-funds, secondary funds-of-funds, direct co-investment funds, and institutional separately managed accounts. The firm’s global client base consists of insurance companies, pension funds, corporations, endowments, foundations, family offices and high net worth individuals.
Auda has investment teams in the United States, Europe and Asia and manages total original commitments of $5.3 billion (as of December 31, 2013).