Pictet Alternative Advisors (PAA) has announced the final close of the second vintage of its technology-focused thematic private equity fund at more than USD 200 million.
Managed by Stanislas Chanavat, Chuang Zhu, Nicolas Schwyn and Jacqueline Xu, the Technology strategy targets high-conviction investment opportunities in the key segments of enterprise software, data & AI, cybersecurity and fintech. The second vintage will continue this proven strategy in backing leading 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, commented: “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 a total in excess of USD 1 billion from a mixture of institutional and high net worth investors. Since its first private equity investment in 1989, Pictet has committed to more than 300 private equity funds.
Pierre Stadler, Head of Thematics – Private Equity at PAA, said: “The success of our thematic range is testament both to the strength of our specialist investment teams, and to the depth and breadth of our relationships with top-tier GPs. Technology was the first of our dedicated thematic strategies, and we continue to be excited by the innovation and growth we see in the underlying portfolio companies in this theme.”
