Moonfare Co-Investment Fund II

Direct Deals Next to Hg, Vista and EQT

Moonfare Co-Investment Fund II is a closed-end fund structured as a Luxembourg partnership that invests directly into individual buyout deals alongside established private equity sponsors, rather than into their funds. It held its final close on 18 February 2026 at $83 million — above target and 43% larger than its €58 million predecessor — after twelve months of fundraising. Capital came from individuals, single family offices and smaller institutions in more than twenty countries, with Germany, the UK, the Netherlands and the United States the largest sources.

Strategy and Concentration

The fund will pursue 12 to 15 co-investments, mainly in North America and Europe, across technology, financial and business services, healthcare, consumer and industrials. At the time of the close it had already committed 30% of its capital, in transactions alongside Hg, Vista Equity Partners and EQT. Co-investments usually carry lower fees than the sponsor’s own fund and deploy capital faster, so the pitch is a quicker path to positive cash flow than a traditional fund-of-funds. The flip side is concentration: a dozen deals is far fewer than the hundred-plus companies behind a diversified fund portfolio.

Terms and Liquidity

Details on the terms of Moonfare Co-Investment Fund II are available to eligible investors only via the Moonfare platform. A minimum investment of €50,000 applies. Invested capital is tied up for the life of the fund, with no exit route beyond the secondary transactions Moonfare arranges itself. Moonfare prices its co-investment funds well below two-and-twenty, but Fundscouter has not seen the exact management fee or carry for this vintage, so any figures should be treated as unconfirmed. The launch of a third fund is expected within 12 to 18 months.