EdRip closes Cabestan Capital II on €165m hard-cap

The fund, dedicated to small-cap transactions, has received 40% more commitments than its predecessor, which closed on €112m in November 2011.

Launched in March 2016 with a €150m target, Cabestan II saw demand of €200m, according to EdRip, which instituted a €165m hard-cap in order to remain within its intended market segment, the GP said in a statement.

To support the growing size of its assets under management, which currently amounts to a total of €425m, Cabestan intends to hire two new investment professionals as additions to the fund's seven-strong team.

Investors
Of the commitments, 88% came from institutional investors, with the rest from private investors or family offices. A majority of LPs from the previous vehicle reinvested in this one, with some making larger commitments. EdRip's GP commitment represents around 5% of the fund's size.

Investments
With the new fund, Cabestan will look to strengthen its position in the small-cap segment, investing for both minority and majority stakes in companies with a turnover between €10-100m. It will commit equity tickets ranging from €4-10m in first investment rounds, which could go up to €16m in subsequent rounds.

Cabestan Capital II made its first investment in July 2016, injecting capital into software editing business Octime, and a second deal is expected to be announced by the end of October.

In total, Cabestan Capital I has 18 portfolio companies under management.

People
Edmond de Rothschild Investment Partners – Alexandre Foulon (partner). 

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