Halder announces first and final close on EUR325m

Fund

Halder has announced the first and final close of Halder-GIMV Germany II on its hard cap of EUR325m after just three months of fundraising. The fund was raised by approaching existing investors and few prospective investors directly, with an original target of EUR275m to be raised. Fund raising was begun in December 2007, and the fund closed end of February 2008. The fund's lifespan is 10 years, with an investment period of 5 years that can be extended by one year, and total extensions amounting to two years. The fund has the structure of a German KG and is based in Germany. The minimum subscription is EUR10m, with team and senior advisors contributing a total of EUR20m. Management fees are 2%, carry 20%, and hurdle 7% with catch up. More capital can be raised when 75% of the fund have been invested. P + P Pollath & Partner, Loyens Loeff and DLA Piper US provide legal advice.

The new fund is twice the size of its predecessor, Halder-GIMV Germany, raised in 2005. Halder reported a successful 2007, with two strong exits averaging a triple digit IRR and a multiple of cost of more than 4.0 and fully returning total contributed capital per end 2007. Since 1991, when Halder Germany started operating, it has invested EUR239m across 29 investments, and realised 20 exits worth EUR459m. Overall, Halder realized a gross IRR of 31%, with the multiple of cost amounting to 3.3.

Investors

Out of thirteen investors from nine countries, nine are returning investors. Named investors include Adams Street Partners LLC, Alpinvest Partners N.V., Allianz (through AGF PE and RAS), Gartmore Private Equity, GIMV N.V., clients advised by Scottish Widows Investment Partnership Private Equity, HRJ Capital and investors advised by Pohjola Private Equity Funds Ltd. Each investor provided between 3% and 25% of the total capital.

Investments

The generalist fund will focus on MBOs in Germany, ideally acquiring majorities of companies with strong management, track record, and a competitive edge. It will invest between EUR15m and EUR90m per transaction, expecting to close 2-3 transactions per year. For larger transactions, Halder-GIMV Germany II will approach co-investors, with several having expressed an interest to take part in such transactions. Typical exits will include trade sales and secondaries, with IPOs also considered. Proceeds from an exit cannot be reinvested.

People

The Frankfurt-based team comprises Paul De Ridder, Michael Wahl, Marcel van Wijk, Susanne Quint and Fabian Walesch. Recently, this was expanded with two more professionals: Anke Pawlowski and Mathias Fackelmeyer. As from May 1, a further partner will join. In addition, there is a team of ten senior advisors that aide with the sourcing, execution, managing and exiting.

Name: Halder-GIMV Germany II

Closed on: EUR325m

Focus: MBO, Germany

Contact: Paul De Ridder, Michael Wahl

Address: Halder Beteiligungsberatung GmbH

Barckhausstrasse 12-16

60325 Frankfurt am Main

Tel: +49 (0)69 24 25 33 0

Advisers: P + P Pollath & Partner, Loyens Loeff, DLA Piper US (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyout
• DACH