Key Takeaways
- • Banca March's private equity division launched March PE Secundarios I FCR, its first dedicated secondaries fund with a €60 million target size (capped at €65 million), in partnership with Golding Capital Partners as investment advisor.
- • The fund targets acquisition of 15–20 middle-market companies over approximately two years through GP-led secondary transactions and minority direct co-investments, with geographic focus on Europe and partial U.S. exposure.
- • March Private Equity, established in 2020, now manages over €1 billion across three Fund-of-Funds vehicles plus a Luxembourg special investment vehicle, expanding its product suite beyond traditional co-investment strategies.
- • The fund structure incorporates four key differentiators: Banca March as majority shareholder, exclusive distribution through Banca March, fee alignment (charged on invested capital rather than committed capital), and a credit facility covering up to 50% of contributions.
- • This launch reinforces Banca March's 20-year positioning as a pioneer in co-investment strategies, extending its alternative asset platform into the secondaries segment where institutional capital has accelerated in recent years.
Summary
Banca March, Spain's private banking group, has expanded its alternative investment capabilities with the launch of March PE Secundarios I FCR, marking the firm's entry into dedicated private equity secondaries. The new fund targets €60 million in commitments with a hard cap of €65 million, positioning it to acquire direct stakes in 15–20 middle-market companies within an approximately two-year investment period. The strategy focuses on GP-led secondary transactions—purchasing limited partner positions from existing fund investors—alongside minority direct co-investments, diversifying the portfolio across primarily European markets with selective U.S. exposure.
Golding Capital Partners, an established secondaries specialist with over 15 years of dedicated experience in the sector, has been appointed as the fund's investment advisor. This partnership leverages Golding's institutional platform, broad deal flow access, and extensive general partner relationships to structure and source investment opportunities. For March Private Equity, the collaboration complements its existing infrastructure: the manager, founded in 2020, currently oversees €1 billion in assets across three Fund-of-Funds vehicles (March PE Global I, II, and III) and maintains a special investment vehicle domiciled in Luxembourg.
The fund's structuring reflects Banca March's differentiated approach to alternative investments. The bank maintains majority shareholder status, ensuring long-term alignment and confidence in strategy deployment. Distribution remains exclusive to Banca March's client base, preserving the bank's positioning as a gated alternative platform. Fee structures charge on invested rather than committed capital, aligning incentives between manager and investors. Notably, Banca March commits to providing a credit facility covering up to 50% of investor contributions, a mechanism designed to enhance cash flow efficiency and reduce capital drag during the two-year build-out phase.
This launch builds on Banca March's 20-year track record as a pioneer in co-investment strategies, where the bank has historically invested alongside clients in identical products—a practice that differentiates the institution within Spain's private banking sector. The secondaries entry signals a broader institutional shift toward illiquidity diversification and secondary market opportunities, where repricing of LP positions and fund continuation vehicles have created attractive entry points for capital.
Golding Capital Partners, an established secondaries specialist with over 15 years of dedicated experience in the sector, has been appointed as the fund's investment advisor. This partnership leverages Golding's institutional platform, broad deal flow access, and extensive general partner relationships to structure and source investment opportunities. For March Private Equity, the collaboration complements its existing infrastructure: the manager, founded in 2020, currently oversees €1 billion in assets across three Fund-of-Funds vehicles (March PE Global I, II, and III) and maintains a special investment vehicle domiciled in Luxembourg.
The fund's structuring reflects Banca March's differentiated approach to alternative investments. The bank maintains majority shareholder status, ensuring long-term alignment and confidence in strategy deployment. Distribution remains exclusive to Banca March's client base, preserving the bank's positioning as a gated alternative platform. Fee structures charge on invested rather than committed capital, aligning incentives between manager and investors. Notably, Banca March commits to providing a credit facility covering up to 50% of investor contributions, a mechanism designed to enhance cash flow efficiency and reduce capital drag during the two-year build-out phase.
This launch builds on Banca March's 20-year track record as a pioneer in co-investment strategies, where the bank has historically invested alongside clients in identical products—a practice that differentiates the institution within Spain's private banking sector. The secondaries entry signals a broader institutional shift toward illiquidity diversification and secondary market opportunities, where repricing of LP positions and fund continuation vehicles have created attractive entry points for capital.
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