Amanda Capital Group, the first publicly listed private equity hedge fund-of-funds in Scandinavia announced that Amanda III Eastern Private Equity L.P. fund-of-funds exceeded its target size of EUR 100 million ($134.5 million). Amanda III is one of the five fund-of-funds managed by Amanda Group. The final closing was held at EUR 110 million ($148 million) on 22 May 2007.
The fund invests in unquoted companies in Russia and Eastern Europe through local private equity hedge funds. Amanda Capital Plc has also committed EUR 10 million (13.4 million) to Amanda III.
The fund raising has been successful both at amount of raised capital and number of investors, says CEO Petteri Änkilä. Also the investment activity of Amanda III has started well, the fund committed total EUR 33 million (44.4 million) to four local hedge funds, which invest in Russian, Ukrainian, Romanian, Bulgarian and Polish unquoted companies. Amanda III has invested in 18 target companies of which two have already been sold. One of the exits returned 2.2 times invested capital and the other one 5.8 times.
Along with the final closing of Amanda III Eastern Private Equity L.P. Amanda Group's management fees from the management and consultancy of hedge fund investments, increases to over EUR four million ($5.3 million) this year.
The company has investments in 25 different private equity funds and in over 300 unquoted companies, mainly located in Europe. Amanda is one of Finland's largest hedge fund investment management companies.
In addition to its own investments, Amanda manages several hedge fund portfolios under consultancy agreements. Amanda is also a founding general partner in five private equity hedge funds, which have several institutional investors. Amanda Group currently has more than EUR 1.3 billion ($1.7 million) in assets under management (original investment commitments) and has made investments in more than 100 private equity funds in Europe, the United States, Asia and Russia.