Augur Capital closes fund on €212m

The dedicated buyout fund closed short of its initial €250m target after one year of fundraising.

The management fee is set at 2% annually of total capital over the investment period of 4 years, followed by 1.5% annually of the lowest of either cost or NAV. The fund has a lifespan of 10 years with annual expected distributions of 5-10% of invested capital. The carried interest is 20% with a catch up mechanism and the hurdle is set at 8%.

The fund was set to reach final close within the first quarter of 2011. First close was reached on £72m in August 2010. The firm's previous fund, Augur Capital I, closed on €116.4m in 2008.

Paris-based placing agent Global Private Equity assisted Augur with the fundraising.

Investors
Augur Capital provided 2% of total commitments. For investors, the minimum commitment is €5m. The commitments came from American and European institutional investors, many of which were LPs in Augur's previous vehicle.

Investments
Investments from Augur II will focus on mid-market buyouts of financial institutions in Europe. The first investment was the acquisition of a two-thirds majority stake in LRI, a fund administration firm based in Luxembourg.

Augur also signed an agreement to acquire Ageas Deutschland Lebensversicherung AG from, part of Ageas Insurance International and formerly Fortis.

People
Thomas Schmitt co-founded Augur Capital in 2003 with Günther Skrzypek, who is the managing director of the firm.

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