New Deutsche PE Group in Market With FOF

Deutsche Bank is raising $400 million toward a new fund-of-funds vehicle, according to a regulatory filing. The entity, called DB Private Equity & Credit Opportunities Select Fund, has closed on $36 million in commitments from 58 investors.

Earlier this week Deutsche Bank announced it had consolidated its private equity asset management business, which includes funds of funds, secondaries and co-investments, into an entity called DB Private Equity. The business segment manages 6 billion euros.

Deutsche Bank’s consolidation move comes as the firm completes the acquisition of Sal. Oppenheim Group, a Cologne-based wealth manager, for $1.38 billion. The deal made Deutsche Bank the largest wealth manager in the euro area.

In 2003, Deutsche Bank spun off its direct private equity business, which now operates as Midocean Partners.

Meanwhile, on the advisory side, Deutsche Bank promoted John Eydenberg to head its global LBO group within its investment banking unit. Previously Eydenberg led the bank’s financial sponsors group within the Americas. Eydenberg replaces Mark Epley who will join Nomura Holdings. (Shameless plug: Eydenberg will be speaking at Buyouts West next week.)