Genesis closes first growth fund on €40m hard-cap

Genesis Growth Equity Fund I (GGEF I) reached its hard-cap following additional commitments from SPM Capital and Sirius Investments in December 2020. 

GGEF I is a standard 10-year fund, and was first announced in May 2018.  It held a first close in November 2019, and an interim close in July 2020. It targets small and medium-sized growth-stage companies primarily in the Czech and Slovak markets. 

Genesis partners provided 2% of the fund's total capital.

BSP Luxembourg acted as the legal adviser to the GP for the fundraise. Genesis did not use a placement agent. 

Investors
Six LPs committed to Genesis Growth Equity Fund I, the majority of which are based in CEE: Kooperativa Pojišťovna and Česká Podnikatelská Pojišťovna (both from the Vienna Insurance Group), the European Investment Fund, Amundi Czech Republic, RSJ Investments, SPM Capital, and Czech investor Sirius Investments.

Investments
The fund will make investments of €1-4m in around 12 SMEs with significant growth potential, enterprise values of up to €10m, and based primarily in the Czech Republic and Slovakia. It will target companies that plan to expand their operations, grow internationally or invest in innovations. 

The fund has already acquired majority stakes in two companies: R2B2, a provider of programmatic advertising services in the Czech Republic; and Home Care Promedica, a provider of professional home healthcare services mainly in the Prague area.

People
Genesis Capital – Jiří Beneš (managing partner); Radim Jasek (partner).

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