Januar 2014

SwanCap closes its first fund at $1.2 billion

SwanCap, an independent alternative asset management firm established by UniCredit, has closed its first $1.2 billion fund with AlpInvest Partners B.V. acting as a lead investor.

Munich – SwanCap Investment Management SA, an independent alternative asset management firm based in Luxembourg (the “Manager”) and SwanCap Partners GmbH an advisor to the Manager, (together “SwanCap”) has been established by UniCredit based on its former Principal Investments unit. The new platform manages over $3bn AuM of private equity-related investments through a recently closed Luxembourg Fund and various Managed Accounts. The transaction also involved the disposal of part of UniCredit´s private equity portfolio to the new SwanCap Opportunities Fund SCS-SIF (the “Fund”).

The Fund closed at $1.2bn and includes one-third committed capital for new investments. It is backed by a select group of prestigious global investors with AlpInvest Partners B.V. (“AlpInvest”), a wholly owned subsidiary of The Carlyle Group, acting as a lead investor. The Manager is authorized as an alternative investment fund manager by the CSSF and is one of the first AIFM licensed Fund Managers and the Fund is one of first AIFM licensed Funds. The Manager is advised by the newly founded advisory firm SwanCap Partners GmbH with registered offices in Munich, Milan and New York. UniCredit will remain a passive shareholder in the advisory company going forward.

Dr. Florian Kreitmeier from SwanCap Partners said: “We are excited about being an independent private investment company. Our strong 13-year track record has enabled us to accomplish an outstanding result in our first fundraising and AlpInvest was a great partner and lead investor in this process. Going forward SwanCap will manage the SwanCap Opportunities Fund for our new investors in addition to both the remaining, as well as new private equity investments of UniCredit. SwanCap is now a company with over $3bn AuM, a seasoned and very cohesive team, benefitting from a unique relationship with one of Europe’s largest originators of financial transactions. As such we are well positioned to significantly grow the platform and generate valuable investment opportunities for our investors going forward. UniCredit is a strong, long-term partner for us. As one of the leading European banks with a c. $1.2 trillion balance sheet and a unique footprint across Germany, Italy, Austria and CEE, it provides a great source of value add for SwanCap.”

Dr Andreas Bohn, management board member for Corporate & Investment Banking at UniCredit Bank AG and Chairman of the board of SwanCap Partners GmbH stated: "UniCredit is very pleased with the transaction. The sale of the portfolio to SwanCap will offer advantages, both for our customers and for the Bank, and will enable us to further optimize the Group's overall capital structure. We are looking forward to our partnership with SwanCap and believe that there are significant opportunities ahead to develop the platform further, in private equity and other asset classes. "

Wouter Moerel, Managing Director AlpInvest Secondary Investments stated: "AlpInvest worked in close partnership with SwanCap and UniCredit, and offered a tailored solution in this transaction. The transaction structure provides liquidity for part of UniCredit’s private equity portfolio, while the former Principal Investments team can further build its investment activities in the new SwanCap structure. AlpInvest is pleased to have been able to help structure the transaction as a lead investor, and to have supported SwanCap in attracting new investors to the platform."