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F&C holds first closing on new European private equity fund of funds20/03/2007. Source: AltAssets. 
 F&C Investments has launched a new private equity fund of funds with a focus on the European mid-market. The new fund, F&C European Capital Partners, has held a first closing on €112m and is expected to raise in excess of €200m by the end of this year.
Initial investors in the fund have come mainly from the UK and the Netherlands.
F&C European Capital Partners is expected to build a portfolio of upwards of 20 funds covering buy-outs and mezzanine. Up to 30 per cent of the fund can be put directly into private companies, mainly in deals led by European private equity specialists known to F&C.
The structure of the fund incorporates a feeder fund that invests into listed private equity vehicles, providing investors with immediate exposure to the private equity market. The firm plans to gradually sell down the listed portfolio as the underlying fund and co-investment portfolio builds up.
The new fund also aims to enhance returns through the selective use of borrowings with the ability to gear up to 30 per cent of total portfolio value.
Hamish Mair, head of private equity funds at F&C, said, ‘The European mid market, which is defined as private companies with enterprise values of between €50m and €500m, is a very broad and inefficient tier of an expanding asset class. There are literally thousands of companies in this size bracket across Europe that could benefit from private equity finance.
‘Through F&C European Capital Partners LP we will access a wide range of opportunities via a number of locally based experts and others who operate on a pan-European basis. We will also be backing several emerging manager groups. We have found that the alignment of interest between private equity managers and investors is especially strong with emerging groups,’ Mair continued.
F&C European Capital Partners follows the F&C Private Equity Trust, a £140m listed fund of private equity funds.
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