Ufenau holds €560m close for Ufenau VI German Asset Light

Katharine Hidalgo
28 March 2019

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Switzerland-based Ufenau Capital Partners has held a first and final close for its Ufenau VI German Asset Light fund on €560m, including parallel funds.

Ufenau VI and its parallel funds were oversubscribed, according to a statement. The fund itself has €400m in commitments and the further €160m raised is in two parallel funds. One holds €60m in case of a large future acquisition and the second has €100m dedicated to a €200m acquisition that Ufenau plans to close in April.

Ufenau managing partner Ralf Flore told Unquote of the fundraising period: "It was a very swift and structured process. We began around the beginning of January and finished in March."

Ufenau now manages more than €900m across three fund generations. The investment team has grown by 8-10 people since January 2018 and now comprises five partners and more than 20 investment professionals.

The fund is domiciled in Luxembourg. Axon Partners acted as exclusive placement agent.

Investors
In addition to more than 50 entrepreneurs from Ufenau's partner network, the fund also attracted institutional investors including insurance companies, pension funds, funds-of-funds, family offices, endowments, banks and private individuals from Europe, the US and Asia.

Flore told Unquote: "Nearly all of our existing LPs invested with us again. We also chose a handful of new investors in Asia, the US and across DACH. We wanted to be less dependent on geography as we are normally reliant on the DACH region and the US."

Ufenau V German Asset Light's investors include Banque Pictet & Cie, the Colorado Fire and Police Retirement Association, Argentum Fondsinvesteringer and Wave Management.

Investments
Ufenau VI will pursue an identical investment strategy to its predecessor funds. It will focus on majority investments in service companies in the business services, education, lifestyle, healthcare, IT and financial services sectors in the DACH region.

The fund will target companies with revenues of €15-150m and profitable business models. It envisages making 10-12 investments in its target region and equity tickets will be between €5-20m.

Ufenau will continue to implement a buy-and-build strategy for its portfolio companies.

People
Ufenau Capital Partners – Ralf Flore (managing partner).