Deutsche AWM raises $1.65b for global secondaries fund

DeAWM, which provides customized investment solutions to retail, institutional and wealth management clients across all major asset classes, closed its previous secondaries fund just 18 months ago. That vehicle raised $614 million, exceeding the $500 million target.

Fund III will follow a similar strategy, acquiring a diversified set of interests in funds as well as portfolios of direct investments. It covers the private equity, hedge fund and real estate asset classes. LPs in the new vehicle include public and corporate pension plans, sovereign wealth funds and family offices from the Americas, Europe, the Middle East and Asia.

"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," Carlo Pirzio-Biroli, global head of DB Private Equity and co-head of DB PE Secondary Funds, said in a statement. "We have a strong pipeline of potential deals for SOF III in place."

Earlier this year, DeAWM appointed Jason Sambanju, formerly co-head of Asia at Paul Capital Partners, as head of Asia secondaries.

According to Cogent Partners, global secondaries deal flow reached $16 billion in the first half of 2014 and is on course to break $30 billion for the first time on an annual basis. The current record was set last year, when $27.5 billion in secondary assets changed hands, compared to $25 billion in both 2012 and 2011.

Earlier this year Ardian, known as Axa Private Equity until it spun out last year, raised the largest-ever secondaries fund at $9 billion. Lexington Partners, which his currently marketing its eighth fund, could surpass this total.

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• Topics
• Fundraising
• Secondaries
• Fundraising
• Secondaries
• Deutsche Bank