Seine Capital, a Paris-based firm established by secondaries veteran Fabrice Moyne, has achieved a first close of $70 million for its inaugural secondaries fund. The fund will focus on “small-cap secondary transactions with a focus on fast DPI breakeven”, according to a LinkedIn post by the firm.
Seine is looking to raise $150 million for the fund with a $200 million self-imposed hard cap, a source familiar with the firm's plans told SecondaryLink in April at the launch. The fund will acquire secondary LP stakes with a typical transaction size of $3 million to $15 million.
With its debut vehicle, Seine will focus on the lower end of the secondaries market- a less crowded space where significant discounts can be obtained for LP stakes. SecondaryLink reviewed the firm’s report highlighting the allure of small-cap secondaries performance in August.
The vehicle will acquire stakes in funds between $150 million and $750 million in size, allocating 50% to buyout funds, 20% to growth, 10% to fund of funds, 5% to private credit, and 5% to infrastructure.
While most secondary funds buy into vintages that are in their third to eighth years, Seine is targeting ones between their seventh and 12th years. Seine's fund will have an eight-year term and aims for investments to be DPI-positive within three years, the source added.
Moyne, Mantra Investment Partners’ former Partner and secondaries head, serves as Seine’s Managing Partner alongside Chad Zidow and Sol Zein as Partners. At Mantra, Moyne was the lead partner on 96% of all secondary transactions closed between 2011 and 2022. Source: https://secondarylink.com/news/673614fca2903a760652d6fa/seine-capital-achieves-70-million-first-close-for-debut-secondaries-fund
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