Fundraising

Evoco has raised €162m to acquire portfolios of companies in the European lower-mid-market, with a particular focus on German-speaking countries.

In the absence of market mammoths, firms raising for once-niche strategies such as concentrated-asset deals and preferred equity populated this year’s list.

Few secondaries firms remain independent after a glut of M&A transactions this year.

The Paris-headquartered firm has raised €180m for Mantra Secondary Opportunities III, topping its target of €150m, according to a source.

The vehicle will focus on preferred equity, NAV-based lending and have a pocket to make secondaries investments with sub-private-equity return profiles.

The Stamford-headquartered firm aims to be ‘the biggest small guy’ in secondaries, targeting inefficiencies in the lower-mid market.

The London-based secondaries buyer is targeting $585m for Keyhaven Secondaries Fund III, Secondaries Investor reported in November last year.

Buyers should beware of sponsors using the GP-led market to drive undeservedly favourable terms, said Pantheon secondaries co-head Rudy Scarpa.

The alternatives giant has closed at least three balance-sheet real estate secondaries deals prior to launching a formal fundraise for the strategy.

There have been six meaningful M&A deals for secondaries firms this year, with a seventh rumoured to be in the works.