SWEN crushes target for new fund of funds

The Paris-based manager has closed its second infrastructure fund on €307.5m, easily surpassing its €200m target.

SWEN Capital Partners (SWEN), the Paris-based private markets fund manager, has closed its second infrastructure fund of funds on €307.5 million, beating a €200 million target. The firm’s debut infrastructure vehicle closed on €120 million five years ago.

The new fund of funds targets core infrastructure assets as well as renewable energy and greenfield projects, and seeks geographical and sector diversification. It invests in the primary and secondary markets, and will participate in joint investments “to bolster transaction flow and enhance financial outcome”.

The fund is already 60 percent invested, with 15 investments made, and paid out its first interest payment to investors once the final closing was done. “This is good news for the investors in the fund which, like its predecessor, has not seen a “J” curve,” said Jean-Philippe Richaud, managing director of SWEN.

Altogether, SWEN has €3 billion in assets under management in private equity, debt and infrastructure. It focuses on fund selection, re-purchases of units or fund portfolios, and direct investments alongside general partners in equity or mezzanine debt.

The firm is headed by chief executive officer, Jerome Delmas, who co-founded SWEN having previously worked for OFI Private Equity. The firm’s website lists 15 team members in total.