Gain Capital holds €28.4m first close for third fund-of-funds

The fund has a target of €60m, managing director Martin Prohazka told Unquote.

As was the case for previous Gain Capital vehicle, LLB Private Equity (formerly known as Gain Capital Participations/Vienna) will act as the exclusive investment advisor to the fund.

Prohazka said the vehicle will look to hold a final close before the end of 2019.

Investors
The vehicle raised commitments from institutional investors in Austria and Liechtenstein. To date it has received commitments from four LPs and has a minimum threshold of €5m for its investors.

Investments
In line with the strategy of its predecessor funds, Gain Capital Private Equity III will make commitments to western European mid-market buyout funds. It will also make selected co-investments alongside these funds.

The vehicle will look to make 6-7 commitments of up to €10m, Prohazka said, and will consider both sector-specific vehicles and generalist funds. It will look to invest with GPs with which it has pre-existing relationships, in addition to developing a some new relationships. The fund will focus on commitments to GPs that have an established track record.

Gain Capital Private Equity II made commitments to funds including 21 Centrale Partners IV, Axcel IV, Capitoloquattordici, Clessidra Capital Partners II, Elysian Capital I, Five Arrows Principal Investments and HgCapital 6.

People
Gain Capital Partners - Martin Prohazka (managing director).

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