Deutsche Asset & Wealth Management has held a first and final close of its Secondary Opportunities Fund III, LP (SOF III) at the fund’s $1.6 billion hard cap.
Deutsche Asset & Wealth Management is the brand name of the Asset & Wealth Management division of the Deutsche Bank Group. The division has €955 billion of assets under management and offers individuals and institutions traditional and alternative investments across all major asset classes.
The closing of SOF III included new and existing investors, such as public and corporate pension plans, sovereign wealth funds, insurance companies, foundations & endowments, and family offices from across the Americas, Europe, Middle-East and Asia. “We are very pleased to have received support from an impressive roster of institutional and private clients,” said Carlo Pirzio-Biroli, Global Head of DB Private Equity and Co-Head of DB PE Secondary Funds.
According to Mr. Pirzio-Biroli, SOF III will continue the investment strategy of earlier funds by acquiring private equity fund interests and assets in secondary markets across the globe. “In line with our proven value investing approach, we expect to deploy capital consistently across the investment cycle in transactions ranging from $1 million to $500 million globally. We have a strong pipeline of potential deals for SOF III in place,” he said.
“We believe the secondary market fundamentals will remain attractive and we will continue to expand our secondary investment platform to provide clients with access to unique investment opportunities across the private equity, hedge fund, and real estate asset classes,” said Stephane Farouze, Head of Alternatives and Fund Solutions, which includes DB Private Equity.
Deutsche Asset & Wealth Management is headquartered in Frankfurt, Germany (www.deutscheawm.com).
2014 PEPD • Private Equity’s Leading News Magazine • 10-23-14
