Switzerland’s Pictet Alternative Advisors has closed its latest private equity co-investment vehicle at $1.53 billion, the group said in a statement. Fundraising for Monte Rosa Co-Investments VI exceeded its initial target of $1 billion, and includes two side vehicles of about $50 million each.
The vehicle is some 50% larger than the one before, which closed in May 2023 at $900 million. Monte Rosa Co-Investments V was itself nearly triple the size of the 2020-vintage predecessor.
The latest Fund is focused on buyout transactions, and will selectively invest in growth and venture opportunities. It is being deployed over a three-year investment period with a target of as many as 30 deals across North America and Europe, with select opportunities in Asia.
About 40% of the Fund’s committed capital has already been deployed across 14 transactions, Pictet said.
The wealth and asset manager also highlighted that the Fund secured capital from a diversified investor base, including insurance companies, pension funds, family offices, and private clients across Europe, Asia, and North America.
Interest in the Monte Rosa Co-Investments VI indicates growing demand for the strategy and is a reflection of the firm’s track record, Pictet Alternative Advisors’ Global Co-Head of Private Equity Maurizio Arrigo said in the statement.
Arrigo pointed out that Pictet has recorded a multiple on invested capital of 3.1x across 64 realised co-investments.
Over the past 15 years, Pictet has completed more than 210 co-investments, representing $3.2 billion of invested capital.
In May 2023, Pictet also closed its fund-of-funds strategy Monte Rosa VI at $1.6 billion. The vehicle is invested mainly in North American and European buyout funds. Co-investments and secondary transactions were to account for about 20% to 30% of the fund commitment. In a statement at the time, Pictet said the fund will make smaller allocations in Asia, as well as other strategies such as venture capital and growth.
