EMH Partners closes second fund on €650m

The fund held an interim close in April 2020 on €550m. It was registered in February 2019.

Rede Partners acted as placement agent for the fundraise, while Simpson Thacher & Bartlett provided legal advice.

The GP's debut fund held a final close in June 2017 on €350m. Like its predecessor vehicle, EMH II will focus on technology-backed Mittelstand companies headquartered in the DACH region, making both buyout and growth investments.

Investors
The fund's LPs include pension funds, funds-of-funds, insurance companies, endowments, family offices and financial institutions. According to Unquote Data, Aberdeen Standard Investments and US-based pension fund Texas County and District Retirement System (TCDRS) have committed to the fund. LPs in EMH's first fund included the European Investment Fund, RAG Stiftung and pension fund Merimies Eläkekassa.

Investors from the DACH region make up 36% of the fund's commitments, while 39% of commitments are from investors based elsewhere in Europe. North American LPs provided a quarter of commitments.

Investments
EMH's predecessor vehicle invested in companies with revenues of €10-500m, deploying equity tickets of €10-300m. It aimed to make two to three investments per year during its investment period.

The GP's previous investments include Native Instruments, Occhio and Brainlab.

People
EMH Partners – Maximilian Kuss (co-founder, managing partner).

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