PINOVA's maiden fund holds first close on EUR50m

01 March 2009

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Fund

PINOVA Capital has held a first closing of its first fund, PINOVA Fund I, on EUR50m. With additional subscriptions for further closings PINOVA has total commitments of EUR96m and is on track for the final closing target of EUR150m. Launched in October 2007, the fund is structured as an asset managing GmbH & Co KG and is located in Munich, with a lifespan of 10 years.

The minimum subscription is EUR2m, with the GP contributing currently 3%, and all terms and conditions are described as industry standard. P+P Pollath + Partners provided legal advice.

Investors

The European investor base has an emphasis on German investors and includes Commerzbank, the European Investment Fund supported by the European Union through the "Competitiveness and Innovation Framework Programme", BIP Investment Partners and KfW Bankengruppe.

Investments

PINOVA Capital focuses on high-growth engineering and services companies in the DACH region. The fund invests equity between EUR3-15m, taking minority and majority positions in companies within a revenue bracket of EUR5-100m. Co-investments are possible, and the deal pipeline has been described as "very good"; the fund expects to close three to four transactions per year.

People

PINOVA Capital was founded as a spin-off from 3i by the four partners, Katrin Brokelmann, Marko Maschek, Martin Olbort and Joern Pelzer. It is supported by an investment team of two, which will be expanded at final close.

Name: PINOVA Fund I

Target: EUR150m

Closed on: EUR50m

Focus: DACH, eingineering, services, expansion, buyout

Contact: Joern Pelzer

Address: PINOVA Capital GmbH

Tal 16, 80331 Munich

Germany

Tel: +49 89 189 42 5440

Fax: +49 89 189 42 5469

Advisers

P+P Pollath + Partners (Legal).