DBAG VI hits €700m hard cap

DBAG Fund VI targeted €650m and was capped at €700m. The successful fundraising brings DBAG's assets under management to more than €1.2bn.

The fund began raising money at the beginning of April, and held a first close on €451m in early July.

It has a standard 10-year lifespan and two-year extension clause; other terms and conditions are in line with DBAG's previous funds and market standards. Carry will be paid on the fund as a whole. DBAG Fund VI is expected to begin investing in 2013. DBAG Fund V closed in 2006 at €539m and is 80% invested.

Campbell Lutyens acted as placement agent. P+P Pöllath +Partners and Carey Olsen provided legal advice.

Investors
DBAG itself contributed €133m to the fund, with remaining commitments coming from more than 30 investors. Around 14% of commitments come from Asian LPs, while US investors made up roughly a quarter of the fund and 19% of commitments came from Germany.

Investments
DBAG Fund VI will continue to pursue the GP's strategy of targeting investments in German mid-market industrial companies. It favours those firms operating in mechanical engineering, plant construction and automotive supplies as well as industrial support service providers.

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• Topics
• Buyout
• DACH
• Deutsche Beteiligungs AG