This site uses cookies to help us manage and improve the website and to analyse how visitors use our site. By continuing to use the website, you are agreeing to our use of cookies. For further information about cookies, including about how to change your browser settings to no longer accept cookies, please view our Cookie Policy. CIick for more info.

Merchant Banking

Multi Strategies

Five Arrows Secondary Opportunities (FASO) is a specialist in European small and mid-cap secondary transactions.

Since 2003 the team has provided tailor-made liquidity solutions for investors and general partners who wish to manage actively their private equity portfolios.

Our expertise in complex transactions makes us one of Europe's most reliable partners for secondary transactions. We deliver innovative and flexible financial solutions to suit the unique characteristics of each transaction and the sellers' individual requirements.

As part of the Rothschild & Co group we have access to an unparalleled network of contacts and intelligence on the European mid-cap market. This unique perspective enables us to quickly identify opportunities and analyse transactions.

We also share the guiding principles of the group, a strategic and responsible financial services partner known for its creative thinking and innovative investment solutions combined with a commitment to absolute discretion.

Our investment strategy

Our investment strategy is focused on European small and mid-cap secondary transactions.

We cover the entire span of the private equity asset class, including buyout, expansion capital and growth technology transactions.

Since 2003, we have built a broadly diversified portfolio with exposure across industries, geographies, vintages, managers and stages of maturity.

 

A focus on the European secondary mid-market

Within the secondary market, the mid-market segment offers a wide pool of growth companies and targets for build-ups or market consolidations. In addition, this segment falls below the size at which large publicised intermediated auctions take place, allowing us to lead proprietary transactions. 

This segment requires specific expertise, which we have developed through our extensive knowledge of the European mid-market and years of experience. We deploy a bottom-up approach and in-depth analysis supported by the distinctly insightful Rothschild & Co perspective. 

An opportunistic approach with specialist expertise in direct company portfolios

We look to purchase fund shares and direct secondaries from institutional or private investors. In particular, we have a strong track record in complex direct secondaries.

Our direct secondaries portfolios can take the form of fund restructurings, tail-end funds, spin-off, orphan funds, and corporate or public divestitures. 

Our approach

Confidentiality

We recognise that secondary transactions usually involve sharing sensitive information about companies, funds and management teams. Therefore, we consider confidentiality as our first and foremost commitment to parties with whom we engage in discussions.

In the long tradition of Rothschild & Co, we offer sellers and general partners a discreet environment to discuss assets for sale or specific financial solutions.

Tailor-made solutions

Every secondary transaction is different. Sellers' constraints, timing, local market characteristics, price expectations and 'soft' elements, such as political aspects or the management of relationships, are all unique to each transaction.

We constantly strive to offer innovative solutions, customised to suit the objectives of each seller.

Partnering with Fund Managers

We are a dedicated investor and seek to partner with managers whose interests are aligned with ours. We deploy capital to support the growth of promising portfolio companies. We also support Fund Managers with our perspective at inflection points in their lives: spin-off, investor-base restructuring, fund restructurings, liquidation of tail-end assets.

Our team

Mireille Klitting

Managing Partner of FAMS

Antoine Bougnoux

Chief Operating Officer

Pauline Baudry

Assistant Chief Financial Officer

Maha Chhih

Investment Associate