Emeram completes €50m capital increase for first fund

The firm's debut fund was launched in 2013 and held its final close on €350m in 2015.

The GP initiated the tender offer in order to raise primary capital and has stated that it now has more than €100m to make further platform investments and bolt-ons. Existing LPs had the option of selling their stakes to selected buyers at a premium to net asset value or retaining their stakes with or without providing extra capital, Unquote understands.

The firm said that 80% of the new capital came from the new investors, which are understood to include Arcano Capital, Schroder Adveq, Unigestion and Lombard. Emeram's partners were also involved in the capital increase via co-commitments, as well as existing LPs. LPs that originally invested in the fund include DB Private Equity, SwanCap Partners, Finnish public pension fund Merimies Eläkekassa and Reflex Winkelmann.

The firm was working with secondaries adviser Park Hill Group, according to secondaries publication Secondaries Investor. 

The pricing for the transaction was above net asset value.

Emeram senior partner Christian Näther told German publication Finance Magazin that the firm planned to realise two or three exits before beginning fundraising in early 2020. The source cited portfolio companies Matrix42 and Boards & More as being the best exit candidates currently.

The firm was formed in 2012 by six investment professionals including four former partners from Apax and the Riverside Group. The fund was intended to focus on consumer goods, healthcare, retail, business services and industrial goods. It invests in companies across DACH with turnovers ranging between €20-150m. The firm currently manages seven portfolio companies, including Diva-e Digital Value and Meona.

Emeram declined to comment.

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