By Auda International L.P. ("Auda"), a leading global sponsor of private equity funds-of-funds, secondary funds and co-investment funds, announced the final close of Auda Secondary Fund III L.P. ("ASF III") on December 31, 2013, with limited partner commitments of $332 million. ASF III generated significant interest from a wide range of private equity investors, exceeding its original target of $300 million. A majority of the capital committed to ASF III came from institutional investors, including public and private pension funds, insurance companies, endowments, foundations and financial institutions, as well as from family offices and high net worth individuals.
Ernest Boles, Auda's Chief Executive Officer, commented, "We are pleased by the strong support from existing Auda investors, who represented over 60% of capital committed to ASF III. We are also pleased to have attracted 12 new institutional investors, from both Europe and the United States, totaling over 30% of ASF III's committed capital. With nearly 25 years of experience in the private equity markets, Auda's track record of balancing risk and return clearly resonates with a variety of global investors."
Like its predecessor funds, ASF III will focus on less competitive niches in the global secondary market, especially smaller and more complex transactions. Auda will construct the ASF III portfolio using traditional secondary market purchases of limited partner interests and similar transactional investment strategies (e.g., secondary direct transactions).
Stephen B. Wesson, Auda's head of global private equity, added, "The private equity secondary market has grown significantly in recent years. We believe Auda's global, integrated platform, which combines primary fund investing, co-investing and secondaries, is a key driver of success in the current environment. Our focus on small to mid-size transactions and our ability to engineer creative liquidity solutions for both limited partners and general partners are also critical elements in our strategy."
About Auda International L.P.
Founded in 1989, Auda International L.P. is a global investment manager and advisor focused exclusively on private equity. Auda's private equity investment vehicles include commingled primary funds-of-funds, secondary funds-of-funds, direct co-investment funds, and institutional separately managed accounts. The firm's global client base consists of insurance companies, pension funds, corporations, endowments, foundations, family offices and high net worth individuals.
Auda has investment teams in the United States, Europe and Asia and manages total original commitments of $5.3 billion (as of December 31, 2013).
The information contained herein is not complete, and does not contain certain material information about alternative investments, including important disclosures and risk factors associated with an investment in these types of vehicles, and is subject to change without notice. This release is not intended to be, nor should it be construed or used as, an offer to sell, or a solicitation of any offer to buy, shares or limited partner interests in any funds managed by Auda. If any offer is made, it shall be pursuant to a definitive Private Placement Memorandum prepared by or on behalf of a specific fund which contains detailed information concerning the investment terms and the risks, fees and expenses associated with an investment in that fund. Neither the Securities and Exchange Commission nor any state securities administrator has approved or disapproved, passed on, or endorsed, the merits of these securities. Forward looking statements constitute the opinion of Auda. Auda does not guarantee any specific outcome.
New York
Steve Wesson, +1 212 863 2335
