Deutsche Bank’s asset management division has closed a $775 million fund which will buy secondary interests in private equity funds and co-invest in buyout deals.
The DB Secondary Opportunities Private Equity Fund will be managed by the private equity division of RREEF, the alternative investments arm of Deutsche Bank Asset Management.
As a starting point, it has agreed to buy a portfolio of 97 private equity fund interests from its parent Deutsche Bank with a total value of $415 million. It will also buy other secondary fund interests and portfolios of direct investments, and look to co-invest alongside sponsors directly in individual deals.
The fund said its investor base was drawn for the US, Europe and the Middle East, and includes pension plans, institutions, funds of funds and family offices. It will be led by Charles Smith, RREEF’s head of global private equity, and Carlo Pirzio-Biroli, who have over 14 years combined experience of investing in the asset class.
Smith said: “Deutsche Bank’s global origination network combined with our team’s expertise in the secondaries market provides us with a powerful platform to offer clients.”
RREEF is one of the world’s largest alternative asset managers, with about €59 billion under management. Last year it also bought Aldus Private Equity, a specialist private equity investment advisor.
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