equity fund of funds that follows an alternative investment strategy.
BBH&Co. Private Equity Partners II LP will let high-net-worth investors and small institutions participate in the venture capital transactions, leveraged buyouts, and international, mezzanine, and distressed securities.
The fund of funds will make alternative investments -- typically the province of larger institutional investors -- available to individuals and smaller institutions, said John R. Hass, manager of the private bank's alternative investments group.
The minimum investment in the fund is $500,000. Brown Brothers established a private equity fund targeting institutional clients, BBH&Co. Private Equity Partners LP, in 1998.
Mr. Hass said Private Equity Partners II will invest in 15 to 25 funds. The newly created 1818 Mezzanine Fund II will be the only Brown Brothers-managed portfolio it invests in, he said.
Wilshire Associates Inc. of Santa Monica, Calif., will serve as the portfolio fund manager. Brown Brothers, which has not previously used an outside firm in the delivery of its private equity funds, picked Wilshire for its expertise in venture capital and leveraged buyouts, said Mr. Hass.
Brown Brothers has a total of $36 billion of assets under management. Its private equity funds manage $1.5 billion in assets.
-- Amy L. Anderson