Cyprus Capital approaches first close on debut fund

CyCap Opportunity Fund will likely hold a first close on €30m in early 2018, the GP confirmed, and is looking to reach a target of €100m.

The GP said the fund will have a management fee of 2% of committed capital and 20% carried interest over a 6% hurdle rate. The minimum commitment to the fund is €1m.

The fund's lifespan is 10 years with two additional one-year extension periods, and will target an annual net IRR of 15%.

Investors
The entity attracted soft commitments from individual and institutional investors, including pension funds.

Investments
The fund will invest growth and expansion capital into small and medium-sized private companies in Cyprus and the eastern Mediterranean, a region where the GP predicts the private sector will be increasingly prominent in funding economic development. The fund is sector agnostic but will mainly focus on manufacturing, agri-business, and the services industry.

People
Cyprus Capital Partners – Thomas Kingston (director); Marios Argyriss (director), Melinda Rishkofski (director).

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