Gyrus holds close for Gyrus Investment Program

Weil Gotshal & Manges and Carey Olsen are advising on the fundraise.

Gyrus co-founder and managing partner Guy Semmens told Unquote that the Gyrus Investment Program is comprised of Gyrus Principal Fund and its co-investment programme, which will be the second of Gyrus's open-ended LP co-investment Cortex funds.

Gyrus Investment Program has a hard-cap of €400m, with each vehicle now expected to raise €200m. It is expected to reach a final close on its hard-cap by June 2021.

Gyrus Principal Fund was registered in October 2019, according to Unquote Data, and was launched in 2020.

Gyrus has previously invested via the Gyrus 1 and Cortex vehicles, which were raised in 2019 and invested in DuPont Sustainable Solutions, and Essential Pharma. The first Cortex Fund is an open-ended vehicle that raised €240m in 2019, backing mid-market companies on a deal-by-deal basis, as reported.

Geneva-headquartered Gyrus was co-founded in 2018 by former Argos Wityu partner Guy Semmens and former Altaris partner Robert Watson. The GP announced in March 2021 that it had hired GCA Altium's Christian Wipf and Matthias Terribilini from Rothschild & Co to bolster its investment team, as reported. 

Investors
Gyrus' first Cortex fund was backed by institutional investors including funds-of-funds, insurance companies and pension funds. Semmens told Unquote that Gyrus Investment Program has received around half of its commitments from funds-of-funds. Around 35-40% of the fund's commitments are from European institutional investors, such as pension funds. The fund is also backed by several family offices.

Investments
Gyrus Investment Program will focus on healthcare, sustainability and technology investments, targeting complex deal situations. Gyrus invests in companies with enterprise values of around €50-500m and deploys equity tickets in the €20-100m range via its strategy, which aims to make seven platform investments in total.

The programme has made three investments, notably acquiring LivaNova's heart valve business in December 2020 in a deal valued at around €60m. The fund is currently 43% deployed and will be around 50% deployed following its next investment, Semmens told Unquote.

People
Gyrus Capital – Guy Semmens, Robert Watson (managing partners, co-founders).

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