The firm is seeking as much as $150m for Seine Capital Liquidity Solutions, which has a $200m hard-cap.
Seine Capital, a secondaries firm launched by Mantra Investment Partners' former head of secondaries, is one step closer to raising its debut fund, Secondaries Investorhas learned.
The Paris-headquartered firm held a $70 million first close on Seine Capital Liquidity Solutions, according to a source familiar with the fundraise. The fund has a $150 million target and $200 million hard-cap, as Secondaries Investor previously reported. The final close is expected to be held in about a year, Secondaries Investor understands.
The fund will focus on the lower end of the secondaries market, with the vehicle targeting investments between $3 million and $15 million, according to Secondaries Investor's previous reporting. It will be putting equal weight on the US and Europe.
Fabrice Moyne launched Seine after he left Mantra in 2022 and was joined by Sol Zein and Chad Zidow at Seine. Zein previously held roles at Montana Capital Partners and Pantheon, and Zidow previously worked at Crestline Investors, Landmark Partners and tech-focused trading platform, Beneficient, based in the US. LP sales will be the primary target for the fund, intending to commit 70 percent of its capital to those deals. Twenty to 30 percent will be dedicated to GP-leds, and up to 10 percent will be for direct secondaries. The vehicle will only invest in continuation vehicles that are $100 million or less, according to a source familiar with the fund's strategy.
Secondaries Investor understands Seine is targeting a 2x net multiple and 25 percent internal rate of return, with distributed to paid-in breaking even three years after each transaction.
The fund has an eight-year term with a 2.5-year investment period. Management fees are 1.5 percent during the investment period, then step down to 0.5 percent on invested capital on any extensions. It charges 15 percent carried interest after an 8 percent preferred return.
The vehicle has several deals in an advanced due diligence stage, with a few expected to close by the end of this year, Secondaries Investor understands.
A spokesperson for Seine declined to comment on fundraising. Source: https://www.secondariesinvestor.com/ex-mantra-heads-seine-capital-holds-first-close-on-debut-fund/
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