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What’s New In Investments, Funds? – Schroders Capital, Truffle Private Markets Group, Pictet AA

Editorial Staff 5 May 2023

What’s New In Investments, Funds? – Schroders Capital, Truffle Private Markets Group, Pictet AA

The latest news in investment offerings, financial products and other services relative to wealth advisors and their clients.

Schroders Capital 
Schroders Capital received regulatory approval this week from the UK's Financial Conduct Authority to launch its second Long-Term Asset Fund, which will be dedicated to renewable energy and the energy transition. 

Schroders Greencoat, the renewable energy specialist of Schroders Capital, will manage the newly-approved LTAF, the firm said in a statement. The Schroders Greencoat LTAF is the first LTAF authorised in the UK to have an investment remit solely focused on renewable energy and energy transition-aligned infrastructure. The announcement follows the recent launch of Schroders Capital Climate+ LTAF, the UK's first LTAF. 

LTAFs are regulated open-ended investment vehicles designed to enable a broader range of investors, with longer-term horizons, to invest efficiently in illiquid and private assets.

Richard Nourse, managing partner at Schroders Greencoat, said: “With the imminent launch of the Schroders Greencoat LTAF, we look forward to being able to offer DC investors the opportunity to make attractive and impactful long-term investments into the energy transition.”

Truffle Private Markets Group, which provides private markets solutions and partners with wealth managers and family offices across Europe, has launched its US Mid-Market Private Equity Programme.

The programme, which has already closed 75 per cent of its target size in three months, is a fund launched by Truffle Investment Management (part of TPMG); it provides European wealth managers and family offices with exposure to a group of US mid-market private equity general partners. 

The first four underlying fund commitments have already closed, including investments in several access-constrained managers. Truffle expects to add at least one additional manager, with the portfolio expected to be fully committed shortly after the programme’s final close.

“As private wealth investors look to develop private markets programmes to meet the investment objectives of their end clients, it’s important that they diversify across geographies and strategies,” Jason Proctor, founder and managing director of Truffle, said.

Truffle was founded in 2018, and has offices in the UK and the Netherlands.

Pictet Alternative Advisors
Pictet Alternative Advisors, the alternative investment specialist of the Geneva-based Pictet Group, has announced the final close of Monte Rosa VI, the sixth fund in its series of diversified, multi-manager private equity funds, and Monte Rosa Co-investments V, the fifth vehicle dedicated to co-investments.

The two funds have raised an aggregate amount of $2.5 billion in capital commitments from a range of investors including clients from Pictet’s wealth management business alongside a range of institutional investors, primarily in Europe. These fundraisings saw interest from existing investors in the Monte Rosa franchise and from a new and geographically diversified set of clients, the firm said in a statement.

Monte Rosa VI raised a total of $1.6 billion, exceeding the predecessor vehicle that was launched in 2019 totalling $1.2 billion in commitments. Monte Rosa VI will invest primarily in North American and European buyout funds with smaller allocations across other geographies, including Asia, and strategies (venture capital, growth and turnaround), the firm continued. Co-investments and secondary transactions will account for 20 per cent to 30 per cent of the fund commitment.

Monte Rosa Co-Investment V has held a final close at $900 million, reaching its hard cap and tripling the size of the 2020-vintage predecessor. The strategy targets minority investments alongside top-tier general partners (GPs), providing clients with the opportunity to invest in about 30 different companies across investment strategies – buyout, growth and venture – as well as geographies. At the time of closing, the programme was already 30 per cent invested across a dozen co-investments, the firm added.

Maurizio Arrigo, global co-head of private equity at Pictet, said: “In this difficult fundraising environment and economic uncertainty, we feel humbled and honoured to count on the continued trust and support of our investors.”

“With regards to co-investments, we are cautiously optimistic for what we believe will be a compelling investment landscape characterised by more favourable valuations. As opportunities will only gradually emerge, we will be all the more selective and patient and aim to invest in truly exceptional businesses which can take advantage of challenging times to further consolidate their leadership positions,” he continued.

With a long history of investing in private equity dating back to 1989, Pictet said it has established relationships with a limited number of private equity firms. PAA has committed to more than 200 private equity funds and participated in 205 co-investments, currently managing $25.4 billion in private equity assets.

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