Latest DBAG fund holds €451m first close

The firm started soft-marketing in the beginning of the year and plans to hold a final close on €650m within a few weeks, the GP told unquote". DBAG expects the fund to be ultimately oversubscribed.

The lifespan of the fund will be 10 years with a two-year extension clause. Terms and conditions were set in line with both the previous fund and current market terms. Carry will be paid on a fund-as-a-whole basis.

DBAG's latest fund, DBAG Fund V, closed in 2006 and is currently 80% invested. Its total commitments amount to €539m, including DBAG's €106m contribution.

Investors
The main bulk of commitments came from a mix of existing and new global institutional investors – the remaining 20% was provided by listed company DBAG in a parallel fund structure. As was the case for the previous vehicle, the GP will co-invest in each investment made by the fund on a 1:4 ratio.

Investments
The GP plans to back industrial and services-related businesses in the German-speaking region, targeting businesses valued at €50-250m.

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• Topics
• Buyout
• DACH
• Deutsche Beteiligungs AG
• Mid-market buyout