Secondaries

Réal Desrochers, managing investment director of the US’s largest public pension’s private equity programme, will leave on Friday.

The fund, which launched in March 2016, is the fifth-largest euro-denominated vehicle focusing on the strategy ever raised.

The Swedish mid-market firm has cancelled the secondaries process on its 2007-vintage fund due to several potential liquidity events, including an offer by a strategic buyer for one of the assets.

DB Private Equity is in preliminary talks with investors and plans to launch its SOF IV Fund in the first quarter of next year.

The fund aims to return a 1.6x-1.8x net multiple and a net IRR between 15% and 20%.

Principals have been appointed in secondaries, real assets, co-investments, credit instruments and product management.

Wouter Moerel, the firm’s head of secondaries, tells Secondaries Investor about how the Carlyle unit’s investor base has evolved with its latest $6.5bn programme and its investment strategy.

The advisory firm has downgraded its rating for secondaries amid ‘significant capital overhang’.

Sister publication Private Equity International reported in November the fund had raised half its $1.8bn target.

The $100m fund can invest in any company with a link to Israel, opening up more than 1,000 potential targets in the US alone, according to the firm’s founding managing partner.