Portobello closes third fund on €375m

The fund, Portobello Capital Fondo III, is the first to be raised by the GP since its controversial spinout from Ibersuizas.

The vehicle will make investments of between €10-100m in Spanish and Portuguese assets valued at between €50-500m. It will not focus on any specific sector and will primarily look to acquire controlling stakes.

In December last year, the fund was one of six Spanish private equity and venture capital funds to benefit when state-backed fund-of-funds Fondo ICO made its maiden €189m investment.

According to earlier reports, more than 70% of commitments to Portobello Capital Fondo III came from overseas institutional investors. Last year, as the fund entered pre-marketing, unquote" caught up with partner Juan Luis Ramirez Belaustegui to discuss the shortage of domestic LPs in Spain.

Portobello was not yet available for comment.

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