Over 30 placement mandates completed and over 155 secondary transactions closed since inception.

PEI Secondaries Investor – Creating a legacy in the tail-end secondaries market

As private markets AUM continues to grow at a clip, so too does the number of legacy funds held onto by institutions. Hollyport’s John Carter and Elm Capital’s Etienne Deshormes join Madeleine Farman in the latest edition of Second Thoughts.

Montefiore Investment announces final closings at the hard cap for Montefiore Investment VI and Montefiore Investment Expansion

Montefiore Investment, the French specialist in investments in small and mid-sized service companies in Europe, announces the closing of Montefiore Investment VI for €1.4 billion, reaching its hard cap, following the closing of its complementary fund, Montefiore Investment Expansion, at its hard cap of €450 million in September 2023. This fundraising, carried out in a particularly challenging market environment, underlines the robustness and attractiveness of Montefiore Investment’s business model.

Elm Capital acted as the global placement agent for Montefiore Investment VI and for Montefiore Investment Expansion.

Fund Shack: Private equity secondaries: everything you need to know, with Etienne Deshormes

In this engaging episode of the Fund Shack podcast, Ross Butler interviews Etienne Deshormes, CEO of Elm Capital, to delve into the intricacies of the private equity secondary market. Elm Capital, founded in 2004 by Etienne after his career in investment banking at JP Morgan, specializes in providing liquidity to private market investors.

Private Equity Secondaries: Etienne Deshormes explains how the secondary market provides liquidity to an inherently illiquid sector. He outlines the development of the market from its early days in the 2000s when it was discreet and associated with distress sales, to its current, more accepted status.

Montefiore Investment VI and Montefiore Investment Expansion

Montefiore Investment, the reference fund for SMEs and Mid-Cap services companies, announces the intermediate closing of its new generation of funds, Montefiore Investment VI and Montefiore Investment Expansion, for a total amount of over €1.4 billion.

In just a few months:

– Montefiore Investment Expansion has already exceeded its target of €400 million and reached its hard cap of €450 million;

– The mid-cap fund Montefiore Investment VI has reached an interim closing of close to € 1 billion continuing the fundraising towards its hard cap of €1.4 billion.

Elm Capital acted as the global placement agent for Montefiore Investment VI and for Montefiore Investment Expansion.

Piper closes latest fund, Piper Private Equity Fund VII, to continue investing in brand legends across the UK

Piper PE LLP (“Piper”), one of the most experienced investors in British brands, is pleased to announce that it has held the final closing of Piper Private Equity Fund VII L.P. (“Piper Private Equity Fund VII” or “Fund VII”). Piper Private Equity Fund VII will partner with entrepreneurs to scale differentiated, digitally-enabled offerings into disruptive and sustainable brands. Elm Capital acted as the exclusive global placement agent for Fund VII.

PEI Secondaries Investor Advisory Survey 2023 – Advisers choosey with mandates in choppy market

Advisers in the secondaries market picked their mandates wisely last year as the bid-ask spread widened while buyers with finite capital faced mounting opportunities, according to Secondaries Investor‘s latest survey of intermediaries.

Aksìa Group Closes Oversubscribed Fifth Fund Above the Hard Cap

Aksìa Group SGR S.p.A (“Aksìa Group”), one of the most established private equity investors in Italy, today announced that it has completed the final closing of its latest fund, Aksìa Capital V (“Fund V”). Aksìa Group raised over €275 million of commitments for Fund V from a large group of new and existing investors in Italy, Continental Europe, the U.K., and the U.S., including funds of funds, pension funds, banks, asset managers, foundations, family offices and private investors.

MVI closes MVI Fund II above the target

Stockholm, 3rd December 2021 – MVI Advisors AB (“MVI”) has reached a final closing on its second private equity fund, MVI Fund II AB (the “Fund” or “Fund II”) with commitments of SEK 1.1 billion, exceeding its target of SEK 1 billion. MVI’s previous fund, MVI Fund I AB (“Fund I”), had commitments of SEK 478 million.

Ironbridge closes oversubscribed Fund IV at C$383 million and announces promotions

Ironbridge Equity Partners (“Ironbridge”) today announced that it has completed the first and final closing of its fourth private equity fund, Ironbridge Equity Partners IV, LP (the “Fund” or “Fund IV”). Ironbridge raised C$383 million from investors in Canada, the US, the UK and Continental Europe, and significantly surpassed its target of C$300 million.

PEI Secondaries Investor Article: Secondaries Investor Advisory Survey 2021 – Advisors fight back from pandemic pause

Last year was a strange period for the secondaries market. After a lively first quarter, the market shut down in the second quarter as the pandemic took hold, only to spring back into life in the second half of the year.

Proskauer Article: Dialogue Series – The New Rules of Engagement

Travel restrictions and social distancing necessitated by the pandemic have accelerated technology adoption across private equity activity – and nowhere more so than in fundraising. But how much of the virtual shift seen over the past year will endure beyond COVID-19?

Armada closes Armada Fund V at EUR 210 million to invest in debt and equity in Northern European growth companies

Armada is pleased to announce that it has held final closing of Armada Fund V. The Fund invests in growing and profitable businesses in Northern Europe and acts as financing partner to company owners and financial sponsors.

PEI Secondaries Investor Article: Why this French renewables deal highlights the promise of evergreen structures

A recent GP-led deal involving an evergreen structure represents a novel way for infrastructure investors to hold on to assets. The question is whether such transactions can scale.

Last month newly formed Hexagon Renewable Energy, managed by Belgian infrastructure manager TTR Energy, acquired a portfolio of 19 French wind projects. The acquisition was backed by a group of large institutional investors led by Crédit Mutuel Capital Privé, the private investment arm of a €930 billion French retail bank.

TTR Energy establishes “Hexagon Renewable Energy” in order to acquire a portfolio of 19 wind projects across France

TTR Energy, Crédit Mutuel Capital Privé, Banque des Territoires, Amundi Energy Transition, Generali Global Infrastructure and Mirova, an affiliate of Natixis Investment Managers, are pleased to announce the creation of Hexagon Renewable Energy SA (“Hexagon Energy”). Hexagon Energy will be managed by TTR Energy, an experienced developer, operator and investor in renewable energy assets. The new IPP has acquired a portfolio of 19 wind projects across France for a total capacity in excess of 770 MW.

PEI Secondaries Investor Article: Prices rebound but ‘uncertainty discount’ to remain

Buyers will value a ‘safe pair of hands’ over pure return potential until the market stabilises further, according to Elm Capital.

Pricing on the secondaries market is recovering from lows last observed in 2012, according to a report by Elm Capital. The dearth of deals in market, the stabilisation of valuations in the second quarter and large amounts of dry powder are having a positive impact on pricing, the advisory firm noted in a September private markets update seen by Secondaries Investor.

Real Deals Article: Placement Agents No Longer Just Advise On Fundraising

Etienne Deshormes explains how placement agents no longer just advise on fundraising, but also on a multitude of liquidity options combining primary and secondary elements.

AltAssets Article: Kester Capital has hit the £90m hard cap for the final close of its oversubscribed sophomore fund.

The UK-based firm said Fund II would continue its strategy of investing in UK SMEs requiring institutional capital for the first time, with a focus on healthcare, business and financial services and TMT.

You can read the full article on the AltAssets website here.

Kester Capital Successfully Closes Oversubscribed Second Fund Above Target At Hard Cap

Kester Capital (“Kester”), the primary buyout specialist, today announced that it has successfully closed its latest fund, Kester Capital II, at its hard cap of £90 million.  Despite challenging market conditions, the fundraise was oversubscribed and exceeded its target with a diverse group of new and existing UK, Continental European and US institutional investors.

AltAssets Article: Former EQT execs sail towards SEK1bn goal for second MVI fundraise

A pair of former EQT execs are more than halfway to their SEK1bn ($106m) target for their second private equity fundraise through their firm MVI Advisors.

MVI has hit SEK688m of commitments for Fund II through a first close, which the firm plans to deploy on high-quality, small companies in the Nordic region.

You can read the full article on the AltAssets website here.

MVI Completes First Closing of MVI Fund II

Stockholm, 15th June, 2020 – MVI Advisors AB (“MVI”) held a first closing on its second private equity fund, MVI Fund II AB (the “Fund” or “Fund II”) with commitments of SEK 688 million. The Fund has a target of SEK 1 billion.

Secondaries Investor Article: Pricing down as much as 30% from pre-coronavirus levels

Prices in the secondaries market could be 20-30 percent down from pre-coronavirus levels, according to a report by Elm Capital.

In a May private markets review, the London-headquartered placement agent and secondaries advisor noted that the link between general partners’ valuations and secondary market pricing is stronger than it was before the onset of the covid-19 crisis.

Elm Capital acts as Exclusive Placement Agent for Montefiore Investment V

After assisting Montefiore Investment (“Montefiore”)  in raising Montefiore Investment III (€240 million) in 2013, and Montefiore Investment IV (€420 million) in 2016, we helped Montefiore raise €850 million for Montefiore Investment V and €150 million for Montefiore Investment V Co-investment Fund. Montefiore will continue its successful strategy of investing in mid-size service businesses in France.

Gradiente SGR S.p.A. Completes Final Closing of Gradiente II

Gradiente SGR S.p.A. (“Gradiente”) is pleased to announce the final closing of its second private equity fund, Gradiente II (the “Fund”). Gradiente II has reached its hard cap of €135 million, with commitments from a diverse group of Italian, European and US investors and surpassed its target of €120 million. Gradiente’s previous fund, Gradiente I, had its final closing in September 2012 with €76 million of total commitments.

SALU Capital Completes Buy-out of Augur Capital’s Private Equity Investment Fund AFO-2

SALU Capital (“SALU”), together with its partners Apex Group Ltd. (“Apex”), and Inlife Holding AG (“Inlife”), today announces the closing of the purchase of all outstanding shares of Augur Financial Opportunities 2 SICAV (“AFO-2” or the “Fund”), a Luxembourg investment vehicle managed by German Augur Capital that includes the Fund’s portfolio companies, German life insurer myLife Lebensversicherung AG (“myLife”) and Luxembourg-based fund administration and ManCo business LRI Group (“LRI “), from the Fund’s investors in a secondary fund buy-out transaction.

Capidea Management Completes Final Closing of Capidea Kapital III

Capidea Management (“Capidea”) has reached a final closing of its third private equity fund, Capidea Kapital III K/S (the “Fund”) with commitments of over DKK 861 million (EUR 115 million) from a strong group of new and existing Danish and international investors.

Capidea Management Completes First Closing of Capidea Kapital III

Capidea Management (“Capidea”) has reached a first closing of its third private equity fund, Capidea Kapital III K/S (the “Fund”) with commitments of 750 DKK million from a strong group of new and existing Danish and international investors.

Gradiente SGR S.p.A. Completes First Closing of Gradiente II

Gradiente SGR S.p.A. (“Gradiente”) has reached a first closing for its second private equity fund, Gradiente II (the “Fund”) and has received commitments of more than €60 million.

PEI Secondaries Investor Article: Equity Market Records To Push Up Secondaries Pricing

Equity Market Records To Push Up Secondaries Pricing

PEI Secondaries Investor Article: Buyout Pricing Ends 3-year Rise

Buyout Pricing Ends 3-year Rise – Elm Capital

Private Equity Wire Article: Elm Capital Activity Update Reveals Busy H1 2016

Elm Capital Activity Update Reveals Busy H1 2016.

PEI Article: Elm Capital Places €820m in H1 Primary Fund Closings

Elm Capital Places €820m in H1 Primary Fund Closings.

Montefiore Investment IV

Montefiore Investment announces the final closing of its Fund IV at EUR 420 million.

Realza Capital Fund II

Realza Capital announces the first closing of its Fund II at EUR 125 million.

PEI Article: Ironbridge Closes Third Fund 55% Bigger Than Fund II

The Canadian private equity firm has closed Ironbridge Equity Partners III on C$238m, above the C$200m target.

Ironbridge Equity Partners III, LP

Ironbridge Equity Partners announces the second closing of its Fund III at CAD 238 million.

PEI Secondaries Investor Article on Fund of Funds Being Active Sellers in H2, 2015

PEI Secondaries Investor Article on Fund of Funds Being Active Sellers in H2, 2015.

Fulcrum Capital Partners V

Fulcrum Capital Partners Inc. completes final closing of Fund V at $344 Million.

Elm Capital acted as the exclusive placement agent for the Fund outside Canada.

Fulcrum Capital Partners V

Fulcrum Capital Partners Inc. completes the first closing of its Fund V at CAD 180 million.

Aksìa Capital IV

Aksìa Group SGR S.p.A. completes the first closing of its Fund IV at EUR 65 million.

PEI Secondaries Investor Article on Median prices for Buyout Interests

PEI Secondaries Investor Article on Median prices for Buyout Interests.

AltAssets Fundraising & IR Review

AltAssets Fundraising & IR Review.

Ironbridge Equity Partners II, LP

Ironbridge Equity Partners announces the final closing of its Fund II at CAD 154 million.

FINalternatives Article On Secondaries

FINalternatives Article_Demand Is Strong For Private Equity Investments On Secondary Markets.

PEI Secondaries Investor Article on Secondaries Bids

PEI Secondaries Investor Article on Secondaries Bids.

PEI Secondaries Investor Article on Pricing

PEI Secondaries Investor Article on Pricing.

Kainos Capital Partners, L.P.

Kainos Capital, LLC announces the final closing of its debut fund at $475m.

Ironbridge Equity Partners II, LP

Ironbridge Equity Partners announces the second closing of its Fund II at over CAD 90 million.

BanyanTree Growth Capital II

Banyan Tree announces the final closing of BanyanTree Growth Capital II, LLC at $143.5m.

Montefiore Investment III

Montefiore Investment announces the final closing of its private equity partnership Montefiore Investment III.

The Third Alcuin Fund

The Third Alcuin Fund announces its final closing.

Banyan Tree

Banyan Tree announces the final closing of it’s debut fund.

Realza Capital Case Study

The London Business School publishes a case study on Elm Capital’s successful fundraising for Realza Capital.