About This Fund
Five Arrows Secondary Opportunities V (FASO V) is the fifth dedicated secondary opportunities fund managed by Five Arrows, the merchant banking division of Rothschild & Co. Launched in 2019 and completing its final close in January 2020 at €1.0 billion — materially above its initial target of €700 million — FASO V stands as one of the European mid-market's leading vehicles for GP-led secondary transactions at the time of its close.
The fund pursues a focused strategy targeting GP-led secondaries, single-asset continuation vehicles, fund restructurings, and spin-offs, with a primary concentration in the European mid-market and additional capacity for North American opportunities. Five Arrows sources transactions in healthcare, technology, software & IT, and business services sectors, where structural tailwinds support resilient growth and predictable cash flows. Typical equity ticket sizes range from €10 million to €100 million per transaction, with LP co-investment capacity available for larger commitments.
FASO V attracted commitments from a globally diversified base of institutional investors, corporations, international family offices, and entrepreneurs, alongside meaningful internal commitments from Rothschild & Co partners and senior investment professionals — underscoring strong management team alignment. The fund's success paved the way for FASO VI, which closed at €2 billion in April 2025, double the size of FASO V, confirming Five Arrows' position as one of Europe's premier GP-led secondaries managers with nearly two decades of deal-sourcing relationships across Paris, London, and New York.