Mill Reef Capital closes oversubscribed Fund III at its EUR 550 million hard cap
Zurich, Switzerland, November 3, 2026
Mill Reef Capital, a specialist investor in European private equity secondaries, today announced the final closing of Mill Reef Capital Fund III at its EUR 550 million hard cap, alongside a significant commitment from the Mill Reef Capital team and affiliates. The oversubscribed fund received commitments from existing and new investors, including insurance companies, corporate and public pension plans, foundations and family offices.
Nico Taverna, Founding Partner, commented «The closing of Fund III at its EUR 550 million hard cap is an important milestone for Mill Reef Capital and reflects the confidence of our investors in our team and strategy. Following the closing of our first two funds at their respective hard caps in 2021 and 2023, we are particularly grateful for the continued support from our existing investors and delighted to welcome a number of new institutional partners. As the firm grows, we remain committed to the specialist and disciplined approach on which Mill Reef Capital was founded, underpinned by a close alignment of interests with our investors.»
Fund III will continue Mill Reef Capital’s established strategy of investing in smaller, complex and often more bespoke GP-led secondary transactions in the European small-buyout and lower-mid-market segments. The firm primarily partners with high-quality, smaller fund managers and seeks to lead in transactions where its network, underwriting experience and structuring capabilities can provide differentiated access to opportunities with attractive risk-adjusted returns.
Gregor Hasler, Founding Partner, added «The European secondaries market continues to broaden as fund managers and investors increasingly seek tailored solutions to address liquidity, duration and portfolio-management objectives. Fund III gives us the capacity to continue supporting high-quality managers and maintaining the selectivity and emphasis on downside mitigation that are central to our investment approach.»
The fund provides tailored liquidity and capital solutions through tender offers, single- and multi-asset continuation vehicles, preferred equity financings, strip sales and other customized liquidity solutions.
Augustin de Guerry, Partner, commented «Our focus remains on the smaller end of the market, where the ability to source, underwrite and structure complex transactions can be particularly valuable. We believe our specialist approach and flexible transaction toolkit position us well to provide tailored solutions to fund managers and investors.»
Mill Reef Capital was advised by placement agent Convero, Switzerland and law firm Van Campen Liem, Luxembourg.
About Mill Reef Capital
Founded in 2019, Mill Reef Capital is a private equity secondaries firm headquartered in Zurich, Switzerland, with EUR 1.3bn in assets under advisory. The firm focuses on smaller, complex and often more tailored GP-led transactions in the European small-buyout and lower-mid-market segments. The firm is independent and owned by its partners and employees.
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