Rothschild Group has surpassed its €200m target, raising €259m for its Five Arrows Secondaries Opportunities III (FASO III) fund. 

After only a few months on the road, the Paris-based fund received commitments from banks, insurance companies, family offices and a sovereign wealth fund. 

The fund has already completed its first transaction, picking up 17 European small and mid-sized companies from an anonymous financial institution. 

The successful fundraise follows Coller Capital's recent $5.5bn (€4.5bn) close on its latest flagship fund, and highlights the popularity of secondary vehicles with investors as upcoming regulation, such as Solvency II, is expected to cause a wave of secondary deals.