Kempen holds EUR 173m first close for European Private Equity Fund II

Greg Gille
03 November 2021

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Kempen Capital Management has held a first close on EUR 173m for its new private equity fund, Kempen European Private Equity Fund II.

The vehicle was launched in July this year with a EUR 200m target. At the time of the launch, managing partner Sven Smeets told Unquote that the firm was expecting a first close in October 2021, with the possibility that it could be a first and final close.

The fund is a closed-ended vehicle with a 10-year fund term. The GP expects around half of its target portfolio to comprise direct co-investments. Like its predecessor, the fund will also make partnership deals, which will be indirect private equity fund investments.

The GP's first private equity vehicle, Kempen European Private Equity, held a final close in December 2019 on EUR 192.5m, according to Unquote Data, surpassing its EUR 150m target.

In addition, the GP manages an open-ended fund-of-funds, Kempen Private Markets Fund. The vehicle invests in global PE, infrastructure, land and real estate funds. It had raised EUR 123m as of September 2019, according to Unquote Data.

Investors
The private equity fund is available to clients of Van Lanschot Kempen. First-close commitments came from both private investors and "experienced" private equity investors, the firm said in a statement. The fund also counts clients from Kempen's partnership with Mercier Vanderlinden among its investors.

Kempen European Private Equity Fund II is only offered to investors in the Netherlands, Belgium and Switzerland.

Investments
Kempen focuses on small-cap deals in Benelux, DACH, France, the UK and the Nordic region. The fund will follow the same strategy as its predecessor, deploying equity tickets of EUR 3m-15m, generally backing companies with enterprise values of EUR 20m-40m, or up to EUR 100m.

Kempen expects to make around 15 direct deals, as well as a handful of partnership deals, Smeets told Unquote at the time of the launch.

People
Kempen Capital Management – Sven Smeets (managing director of private markets).