Pictet Alternative Advisors (Pictet AA), the alternative investments unit of the Swiss Pictet Group, has announced the final closure of Monte Rosa Fund VI, its sixth diversified multi-manager private equity fund, as well as Monte Rosa Co-Investment V, its fifth private equity co-investment vehicle.
Between the two funds, it has raised $2.5 billion in capital commitments from a diverse range of investors, including Pictet’s wealth management clients as well as institutions, primarily in Europe. These funds have attracted significant interest from existing investors in the Monte Rosa vehicles, as well as a geographically diversified set of clients.
Monte Rosa VI has raised $1.6 billion, far outperforming the previous fund in the series, launched in 2019, which raised $1.2 billion. Monte Rosa VI, a private equity fund of funds, will invest primarily in buyout funds in North America and Europe, with smaller allocations to other regions (including Asia) and various strategies (venture capital, growth, and restructuring). Co-investments and secondary transactions will account for 20-30 %.
For its part, the latest vintage Monte Rosa Co-Investment V closes at $900 million, reaching its ceiling and tripling the volume of its 2020 predecessor. It will make minority investments alongside top-tier general partners, offering the opportunity to invest in around 30 companies across geographies and strategies (leveraged buyouts, growth, and private equity). At the time of closing, it has already invested 30%, in a dozen co-investments.
“In the current context of economic uncertainty, which is difficult for fundraising, we are honored and grateful for the continued confidence and support of our investors. Today’s announcement represents a new period of success in attracting commitments to our flagship private equity products, which offer our investors access to world-class management partners and co-investment opportunities. At Co-Investments, we are cautiously optimistic about a landscape characterized by more favorable valuations. Opportunities will emerge gradually and we will be more selective and patient, aiming to invest in truly exceptional companies that can take advantage of these challenging times to consolidate their leadership positions.
Maurizio Arrigo, Pictet’s Global Co-Head of Private Equity.
