Steadfast holds first close at €104m

Launched last March, Steadfast Capital Fund III LP has a target of €250m.

The vehicle has a lifespan of 10 years with two potential extensions of one year each. Fees were described as in line with industry standards. Athos Partners acted as sole placement adviser for the first close fundraising.

Investors
The fund was supported by existing investors Electra Partners, AXA Private Equity and F&C Investments, as well as new institutions including EIF, Goldman Sachs, IdInvest, Graphite and Swiss Re.

Recently, Electra bought out a slice of a secondary position in Steadfast Fund II, which is now fully invested, for €26m. Steadfast's last fund, Steadfast II, was closed in 2007 at €193m.

Investments
Steadfast focuses on medium-size businesses in Germany, Switzerland, Austria and the Benelux countries. The firm targets majority stakes in businesses typically valued between €25m and €150m. It looks to acquire businesses that are highly cash generative with double-digit EBITDA margins and clear growth potential.

People
Fynamore Advisers manages the fund, with Steadfast Capital acting as a sub-adviser. Steadfast’s private equity team is composed of nine investment professionals.

Advisers
SJ Berwin – Sonya Pauls, Conrad Rainer, Christian Schatz (Legal).

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• Topics
• Buyout
• DACH
• Germany
• Steadfast Capital GmbH