Mentha Capital closes Fund V on €143m

The fund's previous generation, Mentha Capital IV, closed on €107m in 2015, ahead of its €100 target.

As its predecessor, Fund V is a Benelux-focused small-to-mid-cap buyout fund. The GP said the first and final closing had been "completed within a very short time frame". Mentha Capital Fund V (MCF V) has a lifespan of 10 years, with a five-year investment period.

Fund IV is not yet fully invested, with a small part of it left for buy-and-build transactions, the GP revealed. No divestments have been made yet, but investors should start receiving cash back this year.

The GP used the Monaco-based placement agent Athos for the fundraise.

Investors
The fund received support from existing investors from Fund IV, including family offices, high-net-worth individuals and institutional investors (70%), which together committed the major part of the funding. 

An increased interest came from new EU and US-based institutional investors, Mentha told unquote". The European Investment Fund is among the fund's LPs.

Investments
Fund V will pursue a strategy similar to Fund IV, aiming to back small, growing companies and take them to the next level. It will target businesses placed on the lower end of the mid-cap buyout spectrum with EBITDA ranging from €2-10m, and equity tickets per transaction amounting to €5-25m. The average ticket should be in the region of €12.5-15m.

The fund is aiming to invest in 8-10 companies located mainly in the Netherlands and Flanders region, with a typical investment period of three to five years. In the past, the firm made one or two investments per year on average. The fund is not limited sector-wise.

The firm predominantly transacts management buyouts and buy-ins. The first investment should be made early this year, the GP told unquote". 

People
Mentha Capital – Gijs Botman (partner).

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• Topics
• Buyout
• Benelux
• Benelux
• Netherlands
• Mentha Capital