Funds-of-funds Fairview Capital Partners of Farmington, Conn., and Cologne, Germany-base CAM Private Equity have partnered up in a cross-border joint venture — CAM-Fairview Private Equity Partners LP — that they say will help them more swiftly globalize their private equity activities.
Funds-of-funds raise money from institutional investors and are vehicles whose portfolios consist of limited partner stakes in the private equity and venture capital funds.
The firms said the "combined synergies will spur cross-border investment activities and allow them to identify new opportunities" in the U.S., Europe as well as developing markets for private equity investment.
Fairview, which invests in late-stage venture capital and buyout vehicles, has over $2.4 billion in assets under management from limited partners such as the public pension funds of New York, New Jersey, Connecticut and Florida. Fairview itself is a limited partner in a number of private equity and venture capital vehicles including: Emergence Capital Partners II LP, which closed with $200 million last week; the $313 million buyout fund ICV Partners II LP; and the $450 million Morgenthaler Ventures VIII.
CAM has €2.5 billion ($3.4 billion) under management and in its efforts to grow internationally has been entering joint ventures with its peers. In April of this year, CAM and NewMarkets Partners, a private equity firm founded by former investment professionals of the International Finance Corp., launched a joint vehicle. CAM-NewMarkets Partners I is a fund-of-funds for institutional investors that want a focus on new private equity markets outside of North America and Western Europe. —George White
