Zurich, Switzerland, September 7, 2023
Mill Reef Capital is pleased to announce the final closing of its second fund at the hard cap of EUR 350 million.
Mill Reef Capital, a highly specialised private equity secondary investor, is excited to announce the final closing of its second fund, Mill Reef Capital Fund II, at the hard cap of EUR 350 million plus a significant team commitment. Mill Reef Capital’s international investor base includes reputable institutional investors such as insurance companies, corporate and public pension plans, foundations and sophisticated family offices.
Nico Taverna, Founding Partner, commented «After the closing of our debut fund at the EUR 180 million hard cap in 2021, the successful closing of our second fund marks another considerable milestone for our company. The high investor demand during a challenging fundraising environment demonstrates the broad appeal of our differentiated investment strategy and the importance of strong alignment with our investors.»
The fund specialises in smaller and complex secondary transactions. Limited competition in this part of the secondary market allows Mill Reef Capital to target transactions with an attractive risk-return profile. The fund invests across a range of secondary transactions providing liquidity to fund managers and investors. These include, amongst others, preferred equity solutions for funds and portfolio companies, and single or multiple asset continuation vehicles for high-performing companies.
Gregor Hasler, Founding Partner, said «We are excited to continue investing in this attractive and underserved part of the secondaries market. Since its foundation, Mill Reef Capital has witnessed significant growth of its target market and an ongoing adoption of innovative liquidity solutions. The current environment has amplified the need for liquidity by smaller fund managers and represents a particularly attractive investment opportunity for Mill Reef Capital.»
Mill Reef Capital was advised by placement agent Convero, Switzerland and law firm Van Campen Liem, Luxembourg.
About Mill Reef Capital
Founded by Gregor Hasler and Nico Taverna, Mill Reef Capital is an experienced, highly specialised private equity secondary investor. Mill Reef Capital focuses on the smaller end of the private capital managers market, identifying fund managers with differentiated strategies and the potential to significantly outperform their peer group. Mill Reef Capital is headquartered in Zurich, Switzerland, and fully owned by its founding partners and employees.