Capvis Equity IV hits €720m hard-cap

The fund exceeded its €600m target.

"It was a good and straightforward process mostly based on our achievements in the past few years," says Julie Darbellay, responsible for investors relations at Capvis.

The vehicle, which is understood to have launched in February 2013 and held a first close on around €300m in July, will focus on mid-sized companies in German-speaking European countries.

"We have more than 20 years of experience in these markets. We target leading companies that are, or have the potential to become, regional champions or global niche market leaders," explains Darbellay.

The firm's previous fund, Capvis Equity III, closed on €600m in 2008, exceeding its €500m target. According to unquote" data, commitments for that fund were secured from more than 40 institutional investors, with around 35% of commitments from German and Swiss institutions, 40% from the rest of Europe, 20% from North America and 5% from the rest of the world.

As was the case with the previous vehicle, MVision acted as placement agent. Latham & Watkins provided legal advice. Fees are described as in line with industry standards. 

The GP's most recent transaction occurred in late December, with the acquisition of Italy-based aquatic sports brand Arena from Riverside. The deal was understood to have valued the asset at around €300m.

Investors
More than 80% of Capvis's existing investor base re-upped into the latest fund. Among new investors, there was particularly strong demand from North America, according to Capvis.

"We think that North American investors are increasingly interested in Europe, which is a big market for private equity. We believe that Capvis has a good standing among investors, which explains the interest from North American investors in the latest fund," says Darbellay.

More than a third of total capital raised came from German and Swiss institutions. Public and corporate pension funds, insurance companies, sovereign wealth funds and funds-of-funds are all represented in the investor base.

Investments
Capvis Equity IV will focus on mid-sized companies in German-speaking countries across Europe. The majority of investments are expected to occur in family-owned companies or larger corporates.

The fund will make 8-10 investments over a four-year investment period. 

People
Daniel Flaig and Rolf Friedli are partners at Capvis Equity Partners.

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