Fund of Funds
An investment in a portfolio of fund managers (multi-manager investments) in a specific strategy.
Often LPs will use fund of fund vehicles if they are allocating to a strategy for the first time to reduce risk and diversify their investments.
Major Considerations
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Can be open to smaller and niche fund managers
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Potentially focused on higher risk/reward opportunities
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Can be opportunistic and quick to move
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May like secondary and co-investment opportunities
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Largest Fund of Funds
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Partners Group (Infrastructure) AUM – 100Bn
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Goldman Sachs AIMS PE (Private Equity) AUM - 65Bn
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Hamilton Lane (Private Equity) AUM – 65Bn
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HarbourVest Partners (Private Equity) AUM – 63Bn
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Pathway Capital Management (Private Equity) AUM – 62Bn
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Fort Washington Investment Advisors (Private Equity) AUM – 52Bn
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Pantheon (Infrastructure) AUM – 47Bn
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AlpInvest Partners (Private Equity) AUM – 42Bn
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Adams Street Partners (Private Equity) AUM – 40Bn
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Caixagest (Infrastructure) AUM – 39Bn
PreQin 2020
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Articles of Interest
THESE ARE THE BEST PERFORMING FUND OF FUNDS IN PE; Institutional Investor