Fortino Capital eyes new fund launch for late 2021

Anastasia Gnezditskaia
30 June 2021

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Belgian venture capital and private equity investor Fortino Capital will go back to market in the autumn to raise a new growth fund in excess of €300m, managing partner Duco Sickinghe told Mergermarket.

While a precise target has not yet been set, it will be higher than Fortino's €242m first PE fund. The firm will look to mandate a placement agent prior to launch, Sickinghe said. Fortino was advised by Cresco Law, Freshfields Bruckhaus Deringer and Baker McKenzie for three of its current funds.

For private equity investments, Fortino has an LP mix comprising family offices and institutional investors. It already has a "strong" base of investors in Benelux and will be seeking to expand its LP footprint beyond the region for the new private equity fund, Sickinghe said. The funds' typical terms include a hurdle rate of 6%, a management fee of 2% and a carried interest of 20%.

Fortino is investing from its €242m Fortino Capital Growth PE I fund, which is in the second half of its deployment period with up to €80m to invest over the next year. The vehicle reached a first close in 2017 and a final close in 2019, according to Unquote Data.

For its private equity strategy, the firm is interested in majority stakes in software-as-a-service, platform-as-a-service, security and software-in-the-cloud players, Sickinghe said. It can deploy a total of €30-50m per company, with initial investment tickets ranging from €15m to €30m. Fortino also manages VC funds, having recently closed Fortino Capital Venture II on €105m.

Fortino employs 20 people, is headquartered in Zaventem and opened an office in Amsterdam earlier this month.