Bregal prepares second DACH fund

The GP registered the new fund in Luxembourg at the end of March under the name Bregal Unternehmerkapital II-A SCSp.

Two sources familiar with the situation expect a fund size of up to €1bn, although a significant amount of that is likely to be committed by Bregal Investments, the private equity business of the Brenninkmeijer family office.

Bregal Unternehmerkapital's first fund was a €550m vehicle with Bregal Investments as its sole LP. The vehicle has made 11 platform investments and at least nine add-ons to date, according to Unquote Data.

The GP generally invests €30-150m in companies with EBITDA between €5-30m, acquiring majority and minority stakes. It focuses on finding "hidden champions" in the DACH region across sectors including automotive, industrial goods, healthcare, business services, software, e-commerce, direct sales and marketing.

Bregal's US-based buyouts division Bregal Sagemount followed a similar strategy. Its first fund was a $500m captive vehicle for Bregal Investments, whereas Bregal Sagemount II hit its $960m hard-cap in February 2017 with a significant portion of external capital.

Bregal Unternehmerkapital declined to comment on the new vehicle.

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