Fund manager Pictet has closed a technology-focused private equity fund with over US$ 200 million of capital.
This is the final close of the second vintage of the fund, which is managed by Pictet Alternative Advisors (PAA).
The technology strategy targets segments within enterprise software, data & AI, cybersecurity and fintech.
The second vintage will follow this existing strategy in backing global venture capital, growth equity and buyout technology fund managers globally, in constructing a diversified portfolio comprised of the most promising primary funds and by selecting the most attractive co-investments alongside those managers.
Stanislas Chanavat, principal thematics – private equity at PAA, said: “Launching our second fund at the end of 2022 presented us with an opportunity to build a portfolio with the potential to benefit from two coincidental developments. First, the sharp correction in asset prices which began that year presented more compelling entry valuations across the entire technology market; we know from experience that many exceptional technology companies are born in such storms.
“Second, ChatGPT was unleashed in 2022, highlighting to the world what we have long known and actually invested in for the past decade – the transformative effect of AI on society and the economy.”
Pictet’s thematic private equity franchise has now raised over $1 billion from a mixture of institutional and high net worth investors.
Pierre Stadler, head of thematics – private equity at PAA, said technology was the first of the firm’s dedicated thematic strategies. “We continue to be excited by the innovation and growth we see in the underlying portfolio companies in this theme,” he said.
