Egeria closes third fund on EUR500m

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Fund

Egeria's third fund has reached its hardcap of EUR500m in its first closing. The fund was launched in April with a target of EUR400m but was oversubscribed by EUR100m. The fund has a lifespan of 10 years, which is extendable for up to two years. Acanthus Advisers acted as placement agent.

In 2004, Egeria II closed on EUR360m.

Investors

Both existing and new investors committed to the new vehicle. Of the international investors, two thirds are from Europe and the other third from North America. The minimum contribution was set at EUR5m and only one of the investors holds more than 15%. Both GP and Van Lanschot Bank committed substantial amounts, the latter investing EUR100m.

Investments

The fund will operate the same investment strategy as its predecessor, targeting Dutch mid-market companies, or businesses with a Dutch connection, with an enterprise value between EUR50-200m. The new vehicle will seek to acquire controlling stakes for between EUR15-50m with a preference not to co-invest. The core strategy will consist of trade sales. However, the fund does not rule out sales to other financial investors.

People

The fund will be managed by a team of nine people headed up by Peter Visser who has been with Egeria since 1997. A tenth partner will join the team in September.

Name: Egeria III

Closed on: EUR500m

Focus: Mid-market

Contact: Caroline Huyskes

Address: Nieuwe Herengracht 51

1011 RN AMSTERDAM

Tel: +31 20 530 68 68

Fax: +31 20 530 68 69

Advisers: Acanthus Advisers (Placement agent)

O'Melveny & Myers, Loyens & Loeff (Legal).