Euro Choice Secondary, the Akina advised private equity secondary investment programme, completed the first closing rounds on 9 July 2014 at EUR 73.5 million. Euro Choice Secondary targets value, inflection point and high-discount investment opportunities in the European mid market, focusing on smaller deal sizes ranging from EUR 5 to 30 million.
Euro Choice Secondary has already closed investments resulting in cash deployment of most of its current capital and in a valuation uplift of more than two times the money drawn. The underlying – mostly drawn – funds are invested in companies in resilient sectors as health care, energy, food, infrastructure, distribution and real estate.
Akina exploits opportunities in Europe through a proprietary sourcing network focusing on sweet spot investments which mirror our high-conviction macroeconomic views. Correspondingly, Euro Choice Secondary targets value, inflection point and high-discount investment opportunities in the European mid market. It also seeks to achieve other key portfolio parameters such as early de-risking, asset protection and cycle resilience. The focus on smaller deal sizes ranging from EUR 5 to 30 million often allows Euro Choice Secondary to benefit from the attractive characteristics of this market, in particular limited competition. All these elements are clearly reflected in the investments Akina has advised on to date.
Dr Christian Böhler, Principal and Head of Secondary Funds comments: “Akina is currently in the advanced stages of executing further investments in excess of EUR 100 million in transaction value. As an advisor we can therefore be very selective. Most of these opportunities are with country funds in the core of Europe, complemented by pan-European mid-market funds. They ideally complement the current portfolio and preserve Euro Choice Secondary’s high level of drawn capital.”