• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deal search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
      • Deals search
      • Exits search
      • Funds search
      • Sponsors search
      • Advisers search
      • LPs search
      • League tables
      • Reports
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
UNQUOTE
  • Fund-of-funds

Golding Buyout 2018 holds final close on €375m

  • Harriet Matthews
  • Harriet Matthews
  • 09 February 2021
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Golding Capital has held a final close for its latest buyout-focused fund-of-funds, Golding Capital 2018, on €375m.

The fund is the third vehicle in the GP's buyout strategy. It was first announced in June 2018 and held a first close in December 2018 on €165m.

Its predecessor vehicle held a final close in December 2018 on €364m.

Asked about the fundraise, Daniel Boege, partner and head of buyouts at Golding, told Unquote: "While we were happy with the overall outcome of the fundraise, without Covid-19, I think the fund volume would have been even bigger, since Q2 and Q3 were clearly impacted. We saw appetite coming back in Q3 and Q4."

"Our target was to reach the volume of the previous fund, which was €364m," said Boege. "We see in the market, and even pre-Covid-19, that funds-of-funds generally find it hard to grow. So the target was to achieve our previous volume, and once we had hit that, we were very pleased with the fundraise, especially given the 2020 fundraising environment."

Golding said in a statement that investors will be able to subscribe to the successor vehicle in its buyout strategy in H2 2021. "We are in the final stages of defining the strategy and features for the next fund, which we will launch in H2 2021, or even before, since this is in demand," Boege said. "We also have a co-investment vehicle for buyouts in the market and we will raise that in parallel."

The co-investment programme aims to hold a first close in spring 2021, Golding said in a statement.

Investors
Around one third of the LP base in Golding Capital 2018 is made up of new investors, while 70% of the fund's LPs are existing investors. The LP base comprises 29 investors, according to a statement.

"The LPs are almost exclusively German-speaking," said Boege. "A large amount in terms of volume is pension funds, followed by insurance companies, then savings banks, and then we have some endowments and family offices. In terms of the number of LPs, the savings banks are a large group, but they have smaller tickets."

Investments
The fund portfolio is expected to comprise around 300 buyout transactions, according to a statement. Golding intends to emphasise growth strategies in the software and technology sector, investing in fund managers with sector experience, networks and functional expertise.

According to Unquote Data, the fund has already invested in Hg Mercury 3, which held a final close in October 2020 on €1.3bn.

"Deployment is well under way," Boege told Unquote. "We have a classic co-mingled strategy combining primary, secondary and co-investments. The primary side is almost allocated already, but we have some left in the US. Primary is more or less 80% allocated. We have made seven co-investments already from this fund, as well as four to five secondaries transactions, which were done in late 2019 and 2020, and the start of 2021 has also been very busy."

"Typically we invest €10-20m on the primary side to build a diversified portfolio in the smaller mid-market," he added. "Of the funds we have invested in, about 80% are oversubscribed funds, where LPs might face cut-back situations in terms of allocation."

Co-investments will make up around 20% of the fund, Boege said, adding that the GP sizes tickets to reach an appropriate diversification for the fund. Two of Golding's co-investments from the fund were for European technology companies, the GP said in a statement.

"We were around 12% deployed in December 2020 but this is clearly moving up," said Boege. "This is relatively low given where we are on primaries, but it is driven by two effects. First, in the last two to three years, we have seen GPs coming to market early fearing a less benign fundraising environment and then requiring more time to finish their previous funds. And secondly, we have seen larger bridging lines in funds delaying capital calls."

According to a statement, around 80% of the fund has now been allocated across 17 target funds.

People
Golding Capital – Matthias Reicherter (CEO); Daniel Boege (partner, head of buyout).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Fund-of-funds
  • DACH
  • Germany
  • Golding Capital Partners
  • Exclusive

More on Fund-of-funds

LGT closes fourth global venture capital fund on USD 930m
LGT closes fourth global venture capital fund on USD 930m

Primary, co-investment and secondaries vehicle surpassed its USD 750m target

  • Fund-of-funds
  • 17 July 2023
Munich Private Equity closes Fund IV on EUR 392m
Munich Private Equity closes Fund IV on EUR 392m

Fund-of-funds investor will split deployment evenly between Europe and North America

  • Fund-of-funds
  • 15 December 2022
Adams Street raises USD 1.1bn for 2022 Global Fund Program
Adams Street raises USD 1.1bn for 2022 Global Fund Program

Latest co-mingled vehicle is around a third larger than previous two programmes in the series

  • Fund-of-funds
  • 30 November 2022
LGT Capital closes first dedicated impact fund on USD 550m
LGT Capital closes first dedicated impact fund on USD 550m

Crown Impact will make co-investments, as well as primary and secondary fund investments

  • Fund-of-funds
  • 17 June 2022

Latest News

Partners Group to release IMs for Civica sale in mid-September
  • Exits
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
BHM Group builds on PE strategy, eyes European medtech and renewable energy acquisitions
  • Investments
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Czech Republic-headquartered family office is targeting DACH and CEE region deals

  • 01 September 2023
Redalpine expands leadership team amid CHF 1bn-plus fundraise
  • Venture
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO

  • 31 August 2023
Change Ventures aims to hold final close for EUR 20m third fund by mid-2024
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Estonia-registered VC could bolster LP base with fresh capital from funds-of-funds or pension funds

  • 31 August 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013