Innova closes sixth fund on €271m

The amount is some way short of the group's stated cap of €325m, but well ahead of the minimum target of €150m.

The GP originally launched Innova 6 in October 2017 and held a €194m first close in April 2018.

Investors
According to Innova, more than 60% of the committed capital came from returning investors from Europe and North America – including institutions, entrepreneurs and family offices – with the remainder provided by LPs new to the investor. Among them was PFR FF FIZ, the group's first Polish institutional investor.

Investments
It will follow the same strategy of its predecessor, targeting later-stage investments in medium-sized companies with enterprise values of €50-150m. The fund focuses on two deal types: founder succession and platform/consolidation acquisitions.

As far as sectors are concerned, the vehicle will focus on business and financial services, telecoms, healthcare, retail, consumer products and services, and industrials in eastern Europe. The investment period is set at four years, with an overall fund term of eight years.

Innova has already completed five deals from the new fund, which is almost 50% deployed at the time of the final close.

People
Innova Capital – Krzysztof Kulig (senior partner).

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• CEE
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