MPEP holds EUR 215m interim close for fourth PE fund

Harriet Matthews
08 April 2022

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Fund-of-funds manager Munich Private Equity Partners (MPEP) has held a further close for Munich Private Equity Partners IV (MPEP IV) with more than EUR 215m in commitments.

MPEP announced the launch of the fundraise for MPEP IV with a first close in September 2020, as reported.

Asked about the progress of the fundraise, MPEP managing director David Schäfer told Unquote: "Besides early closings with our anchor investor, we held an interim closing in December 2021 at EUR 177m and a further one in March 2022 at EUR 216m. Based on the strong investor demand, we are very confident to exceed our target of EUR 300m by this summer."

The firm's predecessor fund held a final close in July 2020 on EUR 162m, surpassing its EUR 100m target.

MPEP has more than EUR 2bn in AUM and has invested in more than 200 funds to date, according to its website.

Investors
MPEP IV is backed by RWB Group, which is acting as cornerstone investor for the fund and had committed EUR 100m at the time of its first close. The minimum commitment for the fund is EUR 1m, according to Unquote Data.

"Among around 20 investors are asset managers, pension funds, family offices and a few high net worth individuals from Germany, Spain, Italy, Finland, Luxembourg, Israel and Slovenia," Schäfer told Unquote.

Since the fund is split into two vehicles - MPEP Fund IV Europe and MPEP Fund IV North America - LPs are able to structure their allocation accoding to their regional preferences at the time of the investment, Schäfer said.

LPs in the GP's predecessor vehicle included pension funds, family offices, a UK university and an Italian bank, according to Unquote Data.

Investments
The fund had made 22 investments to date, according to a statement. The vehicle comprises two vehicles, MPEP Fund IV Europe and MPEP Fund IV North America each expect to make 17-18 investments.

The fund is expected to be fully allocated by Q4 2022 or Q1 2023 across 35 investments, Schäfer said.

MPEP IV makes average commitments of EUR 10m-EUR 15m per fund, focusing on European and North American managers investing in mature mid-market companies.

MPEP III was expected to make investments in up to 20 funds. According to Unquote Data, it committed to funds including PAI Europe VII and Clayton, Dubilier & Rice Fund X.

According to its website, MPEP has also committed to Europe-focused funds from managers including Carlyle, Livingbridge and Tenzing.

People
Munich Private Equity Partners – Christopher Bär, David Schäfer, Daniel Bertele, Hans-Christian Moritz (managing directors).

[Editor's Note: The article has been updated post publication to include comments from MPEP MD David Schäfer.]