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PRINT THIS PAGE APEP holds first close on first institutional fund of funds on €400m23/08/2005. Source: AltAssets. 
 Allianz Private Equity Partners, the fund of funds arm of the Allianz group, has held a first close on the APEP Dachfonds GmbH & Co KG on €400m. It is APEP's first fund of funds offered to institutional investors outside the Allianz group. APEP Dachfonds has a target of €750m and will invest in buy-out and venture opportunities globally.
Currently all institutional investors in the fund of fund are German blue chip institutional investors. APEP expects both additional German as well as international investors to contribute to the fund of funds over the next 12 months. APEP Dachfonds is expected to have closed by the end of August 2006.
Christian Mayert, managing director at APEP in charge of fundraising, said, 'Both the pace and volume of fundraising has exceeded our expectations for the first close,
signalling the increased interest in the private equity asset class, in particular amongst German institutions.'
Wanching Ang, co-CEO of APEP, added, 'A strong institutional client base, long-term commitments to the asset class and the amount of available funding make us attractive long-term partners for private equity firms.'
APEP has €3bn of assets under management, of which around 15 per cent stem from third parties and the remainder is from the Allianz group. APEP has offices in Munich and New York.
Copyright © 2005 AltAssets
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