Toby Mitchenall
Toby Mitchenall is the Senior Editor, ESG and Sustainability, at PEI Media. He is responsible for New Private Markets, a dedicated intelligence source on impact investing, sustainability and ESG in private markets, and is based in PEI’s London office. Toby was previously a consultant advising private equity firms on marketing and public relations.
Listed private equity funds look like tempting targets for secondaries firms, but don’t expect a wave of consolidation.
The sale of Fidor comes after the firm offloaded six European assets earlier in the year in a direct secondaries transaction worth €96m.
The firm is currently in market raising its third dedicated secondaries fund.
Stéphanie Courtadon, a marketing veteran of mid-market GP Siparex and Crédit Agricole Private Equity, will run the firm’s RFP processes.
While more aggressive financing structures such as payment-in-kind notes may be off the table, deals are ongoing, experts say.
The European mid-market investor has promoted four of its staff to partner, including secondaries chief Christian Böhler.
The firm has built a team that will look beyond conventional private equity, as it finally moves on from its lost investment in EMI, says vice-chairman Justin King.
The VC fund of funds took around four months to raise its latest fund, which was oversubscribed.
The investor hopes to close its third dedicated fund on target by the end of summer and is seeking investment from more Middle Eastern and Asian sovereign wealth funds.
Jeremy Coller, the firm’s founder and chief investment officer, said the bulk of the oversubscribed fund was raised in “about six months”.