Innova holds €194m first close for sixth buyout fund

The GP exceeded its minimum target of €150m and has raised 60% of the €325m hard-cap within 12 months of launching the fund.

Innova previous five investment funds raised a total of €900m, with around 50 investments across 10 countries in the region. The first two funds have been liquidated.

Its fourth buyout fund, Innova/4, is at the end of the investment phase with nine companies in its portfolio, and eight exits. Since 2010 the Innova/5 fund has invested in 12 companies and completed four exits.

In January 2018, Innova completed its first deal from the new fund Innova/6 by acquiring a 75% stake in transport technology companies Inelo and OCRK, which was announced in October 2017.

Investors
More than 60% of the committed capital came from LPs in the GP's prior funds, with the remaining commitments provided by new investors. Half of the capital raised came from retail investors, while the other half came from international financial institutions.

LPs in the Innova/5 fund include ATP, Dunedin Enterprise Investment Trust and Finnish pension fund Kuntien Elakevakuutus.

Investments
The Poland-anchored fund will follow the strategy of its predecessors, investing in medium-sized companies based in the CEE region with EV typically ranging between €50-150m. Target sectors will include financial and business services, consumer products and services, TMT, manufacturing, healthcare and retail.

People
Innova Capital – Krzysztof Kulig (senior partner).

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