Jet plans to double volume for third fund

Min Ho (Mergermarket)
08 July 2019

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Jet Investment, one of the largest private equity funds in the Czech Republic, is looking to raise a new fund by the second half of 2020, director Jan Brávek said.

The upcoming third fund will have a target of €350-400m, he said. This will be more than double the €153m it raised for its second fund, which held a final close in November 2018.

The third fund will also aim to expand the portion of institutional investors in the fund to 50-60%, he said. This will be an increase from the 30% institutional investor base in the second fund.

The remaining LP base in Jet Fund II is made up of local and regional high-net-worth investors, committing 65% of the fund, with the remaining 15% coming from Jet partners.

Pension funds, funds-of-funds and asset managers are among the institutional investors Jet will be targeting for its third fund.

"It is a natural progression for us as we have matured as a company," said Brávek of its shift in investor base. "Our aim is to become the go-to platform for industrial buyout, turnaround and distressed situations in the central European region."

The investment strategy for the third fund will be similar to Jet's previous funds; it will target turnarounds and insolvency situations in the Czech Republic, Germany, Poland, Austria and Slovakia. However, it will "not shy away" from growth opportunities, said Brávek.