Pictet announces the closing of its private equity flagship Monte Rosa Fund VI at $1.6 billion and its Monte Rosa Co-Investment V at $900 million
The two funds have raised an aggregate amount of $2.5 billion in capital commitments from a diverse range of investors including clients from Pictet’s wealth management business alongside a range of institutional investors, primarily in Europe. These fundraisings sawsubstantial interest from existing investors in the Monte Rosa franchise and from a new and geographically diversified set of clients.
Monte Rosa VI raised a total of $1.6 billion, largely exceeding the predecessor vehicle that was launched in 2019 totaling $1.2 billion in commitments. Monte Rosa VI will invest primarily in North American and European buyout funds with smaller allocations across other geographies (Asia) and strategies (venture capital, growth and turnaround). Co-investments and secondary transactions will account for 20% to 30% of the fund commitment.
Monte Rosa Co-Investment V has held a final close at $900 million, reaching its hard cap and tripling the size of the 2020-vintage predecessor. The strategy targets minority investments alongside top-tier General Partners (GPs), providing clients the opportunity to invest in c.30 different companies across investment strategies (buyout, growth and venture) as well as geographies. At the time of closing, the programme was already 30% invested across a dozen of co-investments.
Maurizio Arrigo, Global Co-Head of Private Equity at Pictet, commented: “In this difficult fundraising environment and economic uncertainty, we feel humbled and honoured to count on the continued trust and support of our investors. Today’s announcement marks yet another successful period of fundraising for our flagship private equity products, offering our investors access to the highest quality GPs and co-investment opportunities in the market.”
“With regards to co-investments, we are cautiously optimistic for what we believe will be a compelling investment landscape characterized by more favourable valuations. As opportunities will only gradually emerge, we will be all the more selective and patient and aim to invest in truly exceptional businesses which can take advantage of challenging times to further consolidate their leadership positions”.
With a long history investing in private equity dating back to 1989, Pictet has established longstanding and close relationships with a limited number of top-tier private equity firms. PAA has committed to more than 200 private equity funds and participated in 205 co-investments. PAA is currently managing $24.5 billion in private equity assets.