Andera Multi Buy Out

Andera Multi Buy Out is a buyout vehicle managed by Andera Partners and domiciled in France, launched in 2026 and denominated in EUR. It is constituted as an FCP and authorised as an ELTIF under the ELTIF 2.0 framework, operating alongside the domestic FPS regime, a combination that allows the fund to be distributed to retail investors in its home market rather than being restricted to institutional subscribers.

Unlike the closed-end drawdown partnerships that dominate the buyout segment, the fund is structured on an open-end basis, so investors subscribe into an existing portfolio rather than committing capital to be called over a defined investment period, and the vehicle has no fixed termination date. Liquidity is therefore a function of the dealing and redemption mechanics set at the fund level under ELTIF 2.0, which caps redemption capacity against the liquid sleeve of the portfolio; prospective investors should treat the exposure as long-horizon regardless of the open-end wrapper. The portfolio's reported geographic breakdown is recorded on the same basis as the other 32 funds that share both its asset class and domicile, allowing like-for-like comparison of regional concentration.

Within the coverage universe of 494 funds, it is one of 163 private equity vehicles and one of 80 funds domiciled in France, with the overlap of both characteristics numbering 32. Its distribution scope is domestic, which narrows the comparable set further for investors screening on cross-border availability.