Ufenau to target €800m for next vehicle

Ufenau VII will have an estimated target of €800m, Flore said. Fund VII, whose target is around 40% larger than its €560m predecessor, will not see a big change in Ufenau's acquisition strategy, focusing mainly on service-based, digital and IT-focused SMEs with turnovers of around €40-50m and double-digit EBITDA.

Ufenau VI reached its €560m first and final close in March 2019. The main fund netted €400m in commitments, with a further €160m raised in two parallel funds. The vehicle was 25% deployed as of June last year, according to Unquote Data.

The firm typically takes a majority stake and management co-invests with a 30-40% share in the business, Flore told Mergermarket in 2018.

Ufenau's portfolio has remained generally resilient in the face of Covid-19, according to Flore. The firm completed four platform buys and 28 add-ons in 2020 with NAV increasing by 20-30%, he said.

The GP is lining up a further four exits to follow on the heels of the firm's ongoing auction of Swiss IT Security, Flore told Unquote sister publication Mergermarket.

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