Ceecat Capital on road for Fund II

The fund is targeting €200m and aims to hold a first close in 2020, following which it will make its first investments.

The GP's predecessor fund, Ceecat Fund I, was managed by ADM Capital and closed in 2011 on €265m.

ADM's regional operations were centralised and reorganised in 2014, following which Ceecat became an independent firm in 2018. The GP now has a team of 25 people based in offices in London, Luxembourg, Bucharest, Istanbul and Almaty.

As part of ADM, the firm's region-focused strategies included its Kazakhstan Growth Fund and the ADM Kazakhstan Capital Restructuring Fund, which closed on €100m in April 2010.

Van Campen Liem is providing legal advice on the fundraise.

Investors
LPs in the firm's previous vehicles under ADM included the European Investment Fund. The firm offers co-investment opportunities for its LPs, according to its website.

Fund II's LP base currently comprises financial institutions in its regions of focus, as well as family offices and university endowments.

According to a publicly available filing from the European Bank for Reconstruction and Development (EBRD), the bank is considering committing €30m to the vehicle.

Investments
Ceecat focuses on SMEs in CEE, south-eastern Europe, Turkey, Kazakhstan and central Asia. The firm targets companies with EBITDA of at least €2m and writes equity tickets of €8-15m. It targets sectors including healthcare, TMT, manufacturing and consumer goods, and invests equity in buyouts and minority growth investments.

Investments from its previous vehicles include Brikston Construction Solutions, in which Ceecat acquired an 98% stake in 2014. The GP sold the business to Austria-based Leier Group in 2017.

People
Ceecat Capital – Anthony Stalker (partner, chairman of the investment advisory committee).

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