Ufenau closes Continuation III on EUR 563m

The GP will move two - Corius and Altano - into the new fund, as first reported by Unquote in March. 

Both companies were bought via Ufenau V in 2017, with the sponsor saying that the secondary fund will provide additional capital and time to continue buy-and-build strategies. 

Ufenau Continuation III is backed by blue-chip secondary investors with StepStone Group as senior lead and Five Arrows Secondary Opportunities as junior lead. Several existing Ufenau LPs have also joined the fund.

StepStone closed a USD 690m secondary and co-investment fund in November while Five Arrows closed its most recent secondaries fund at USD 1bn in January 2020. 

The sponsor said both companies increased their revenue by more than ten times while executing over 50 add-ons over the past five years.

The new fund will continue the same strategy, deploying the new capital across value-accretive transactions and strategic initiatives. 

Ufenau recently closed its VII fund on the EUR 1bn hard-cap, nearly double the size of its predecessor. 

The GP has previously formed two continuation vehicles for Intelligent Repair Solutions (IRS), which it bought in 2014, of EUR 25m and EUR 100m. It recapitalised the asset in 2019 and has not yet realised the investment.

Advisors
PJT Park Hill (finance); Stephenson Harwood, GÖRG, Arendt & Medernach, and Walder Wyss (legal)

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