SSVP III closes on €231m

According to the GP, the Munich-based fund was oversubscribed but it closed short of its €250m hard cap.

Since its launch in August 2011, the fund has bought Hamburg-based Körber's Paper Systems division for an undisclosed price.

Orlando's previous vehicle, Special Situations Venture Partners II (SSVPII), closed in December 2006 with commitments totalling €255m.

Investors
The fund has around ten LPs, 65% of which are institutional investors. The main investor is Liechtenstein's LGT Group.

75% of investors have also invested in Orlando's previous funds, SSVP I and SSVP II.

Most investors come from Europe's German speaking region, contributing strongly to the 80% share of European investors next to 10% US-based and 10% Middle East-based investors.

Investments
The fund will concentrate on acquiring DACH-based, industrial mid-sized companies with a revenue of up to €500m or an enterprise value of €10-100m, that are typically underperforming or in balance sheet distress.

It plans to achieve 10-15 deals with an average equity ticket of €10-20m.

People
Dr Henrik Fastrich and Georg Madersbacher are founding partners at Orlando Management.

Advisers
MVision Private Equity Advisers acted as global placement agent for the fund while Sonja Pauls and Christian Schatz from SJ Berwin were the legal advisers.

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• Topics
• Credit/Special Situations
• DACH
• Industrials
• Orlando Management GmbH