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RREEF closes secondary and co-investment fund on $775m22/03/2007. Source: AltAssets. 
 New York-headquartered RREEF Alternative Investments, the alternative investments business of Deutsche Bank's asset management division, has closed its DB Secondary Opportunities Private Equity Fund on $775m. The fund will be managed by RREEF Alternative Investment's private equity business and marks its first private equity offering.
Commitments came from investors in the US, Europe and the Middle East.
The new fund has agreed to purchase a seed portfolio of 97 diversified private equity fund interests from Deutsche Bank for a total consideration of $415m. The fund will also purchase secondary positions in existing partnerships and portfolios of direct investments, as well as co-invest in companies alongside other private equity investors.
Chris Hughes, head of global private equity and hedge funds at RREEF Alternative Investments, said, 'With the growing demand from our clients for sophisticated alternative products, this fund allows us to expand our private equity offering to include secondary and co-investment opportunities.'
Earlier this year, RREEF Private Equity announced that it had signed an agreement to acquire a minority stake in the business of Aldus Equity, an alternative asset management and advisory boutique specialising in customised private equity investing.
RREEF Alternative Investments consists of four businesses: real estate, infrastructure, private equity and hedge funds.
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