Gilde closes buyout fund on €1.1bn hard-cap

Gilde stated that investor demand exceeded the vehicle's hard-cap, allowing the firm to hold a single close in less than six months. Gilde launched the fund in July, with marketing and due diligence taking around three months. MVision acted as placement agent while Proskauer Rose and Loyens & Loeff were mandated as legal counsels.

The vehicle will have a traditional 10-year lifespan with a five-year investment period. Terms and conditions were described as in line with industry standards, with a management fee of less than 2%.

Gilde Buy Out Fund V exceeded the amount raised by its predecessor, which closed on €800m in 2010. Management fees for that vehicle were set at 1.65% at the time, according to unquote" data.

Investors
According to Gilde, around two thirds of the fund's LPs were backers of the firm's previous funds, with a third of new investors. The fund is solely backed by institutional investors, with the most represented type being public pension plans (around 30%). The LP base also includes insurance companies, sovereign wealth funds, foundations, family offices and other institutional investors.

Roughly 60% of the investors hail from Europe and a third are US-based LPs.

Investments
The fund will follow a similar strategy to its predecessors, investing in mid-market companies with a core focus on the Benelux and DACH regions.

The vehicle is expected to back between 12-15 companies over its lifespan, deploying equity tickets of €30-120m in deals with enterprise values of between €100-250m.

People
Ralph Wyss is the chair of Gilde.

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• Topics
• Benelux
• Buyout
• Netherlands
• Gilde Buy Out Partners