Unigestion achieves first liquidity event for Emerging Manager II Fund following final close

Unigestion, a leading player in Europe’s private equity mid-market, has achieved a final close of its Emerging Manager Choice II Fund (EMC II) and the Fund’s first exit, providing a significant uplift and liquidity to investors.

Unigestion now has over €1bn of private equity assets dedicated to emerging managers. The asset manager has built a strong track record of investing in more than a hundred emerging managers over the past 30 years, backing the early funds of firms that are now regarded as industry leaders, such as Hg Capital’s Mercury funds, Archimed, Blackfin Capital and Vance Street Capital.

Unigestion launched its first pure-play emerging manager fund – EMC I – in 2018 and followed this with the launch of EMC II in 2022. Both funds have a remit to back spin-outs from established, hard to access GPs, as well as sector specialists applying differentiated strategies. They also target co-investments, late primaries and short duration funds in order to optimise net returns and the cash flow profile for investors. Both aim to deliver the performance and total expense ratio of direct funds, underpinned by strong risk management through diversification and selection.

EMC II, which is already 50% deployed, is likely to comprise 80-100 underlying companies over its investment period of three years through 10-12 fund investments complemented by 10-15 direct co-/secondary investments. Investments are balanced between European and North American managers, together with opportunistic exposure to APAC.

EMC II is already delivering on its no J-curve promise, having exited its J-curve six months after its first close and posting a TVPI of 1.46x gross (1.42x net) at the final close. This performance excludes the uplift that will be provided by EMC II’s first exit, signed earlier this week, from its co-investment in Spirii. The exit from this Danish software company, which provides the leading Platform-as-a-Service for EV chargers, has triggered a major liquidity event early in the Fund’s life.

Kim Pochon, Co-head of Unigestion’s emerging manager programme, said: “We are delighted that our offering for pure-play emerging manager funds has been validated through our Emerging Manager programmes, enabling us to attract both existing and new investors to this second fund. To be able to announce a significant exit for EMC II at the same time – generating an attractive uplift and liquidity for our investors – is also pleasing. It underlines the advantages of investing in the emerging manager space and our robust investment approach.

“Our research* shows that first-time funds hold up better than established funds in difficult market conditions. First-time managers are unencumbered by historical investments and so are laser-focused on their first fund. They are closely aligned with investors because they have a greater need to succeed than established managers – if they don’t make it, it is very hard to raise another fund. The challenges of the current market environment also help us as smaller funds can struggle with fundraising, positioning us as a key LP. This results in better visibility on investments and terms for our own LPs.”

Mark Zünd, Head of Private Equity at Unigestion, said: “The success of this fundraise, particularly given the current industry backdrop, demonstrates that LPs are increasingly recognising the benefits of investing in the rising stars of tomorrow. We have established ourselves as an ‘LP of choice’ for many emerging managers due to our value-add platform and, as a result, have developed a strong pipeline of investment opportunities. We are looking forward to completing the investment phase for EMC II, as well as seeking further exits, and preparing for the launch of our next EMC programme later in 2024.”



* Source: Preqin 31.3.23


Important Information



This document is neither directed to, nor intended for distribution or use by, any person or entity who is a citizen or resident of, or domiciled or located in, any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.


The information and data presented in this document may discuss general market activity or industry trends but is not intended to be relied upon as a forecast, research or investment advice. It is not a financial promotion and represents no offer, solicitation or recommendation of any kind, to invest in the strategies or in the investment vehicles it refers to. Some of the investment strategies described or alluded to herein may be construed as high risk and not readily realisable investments, which may experience substantial and sudden losses including total loss.


The investment views, economic and market opinions or analysis expressed in this document present Unigestion’s judgement as at the date of publication without regard to the date on which you may access the information. There is no guarantee that these views and opinions expressed will be correct nor do they purport to be a complete description of the securities, markets and developments referred to in it. All information provided here is subject to change without notice. Data and graphical information herein are for information only and may have been derived from third party sources. Unigestion takes reasonable steps to verify, but does not guarantee, the accuracy and completeness of information from third party sources. As a result, no representation or warranty, expressed or implied, is or will be made by Unigestion in this respect and no responsibility or liability is or will be accepted. This document may contain forward-looking statements, including observations about markets and industry and regulatory trends. These reflect Unigestion’s views as of the date of this document with respect to possible future events and are subject to a number of risks and uncertainties, including, but not limited to, the impact of competitive products, market acceptance risks and other risks.


Unigestion may, based on its internal analysis, make assessments of a company’s future potential as a market leader or other success. There is no guarantee that this will be realised.


United Kingdom

This material is disseminated in the United Kingdom by Unigestion (UK) Ltd., which is authorized and regulated by the Financial Conduct Authority (“FCA”).This information is intended only for professional clients and eligible counterparties, as defined in MiFID directive and has therefore not been adapted to retail clients.

United States

In the United States, Unigestion is present and offers its services in the United States as Unigestion (US) Ltd, which is registered as an investment advisor with the U.S. Securities and Exchange Commission (“SEC”) and/or as Unigestion (UK) Ltd., which is registered as an investment advisor with the SEC. All inquires from investors present in the United States should be directed to clients@unigestion.com. This information is intended only for institutional clients that are qualified purchasers as defined by the SEC and has therefore not been adapted to retail clients.

European Union

This material is disseminated in the European Union by Unigestion Asset Management (France) SA which is authorized and regulated by the French “Autorité des Marchés Financiers” (“AMF”).This information is intended only for professional clients and eligible counterparties, as defined in the MiFID directive and has therefore not been adapted to retail clients.


This material is disseminated in Canada by Unigestion Asset Management (Canada) Inc. which is registered as a portfolio manager and/or exempt market dealer in nine provinces across Canada and also as an investment fund manager in Ontario, Quebec and Newfoundland & Labrador. Its principal regulator is the Ontario Securities Commission (“OSC”). This material may also be distributed by Unigestion SA which has an international advisor exemption in Quebec, Saskatchewan and Ontario. Unigestion SA’s assets are situated outside of Canada and, as such, there may be difficulty enforcing legal rights against it.


This material is disseminated in Switzerland by Unigestion SA which is authorized and regulated by the Swiss Financial Market Supervisory