Five Arrows Secondary Opportunities said Sept. 21 that it latest secondary opportunities fund has closed at 451 million euros ($503 million). FASO IV will continue to focus on European small and mid-cap secondary transactions. The fund has already completed its first two first European Secondary Directs transactions. Five Arrows Secondary Opportunities is the European small and mid-cap secondary business of Rothschild Merchant Banking.
Five Arrows Secondary Opportunities (“FASO”), the European small and mid-cap secondary business of Rothschild Merchant Banking, is pleased to announce that it has completed the fundraising of Five Arrows Secondary Opportunities IV (“FASO IV” or “the Fund”) at €451 million after only a few months of fundraising and above its target size.
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 seasoned and cohesive investment team is comprised of 13 professionals and is run by Mireille Klitting, its Fund’s 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 Directs transactions.
Marc-Olivier Laurent, Head of Rothschild Merchant Banking, stated:“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 commented: “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.”
FASO is the secondary private equity vehicle of Rothschild Merchant Banking, the investment arm of Rothschild & Co (www.rothschild.com/faso). Over the last 6 years, Rothschild Merchant Banking has significantly expanded its platform through multiple investment strategies across the capital structure ranging from private equity to private debt. Assets under management now stand in excess of €6 billion.