DACH Fundraising Pipeline - Q4 2020

Capiton VI was launched in July 2019 and made its first platform investment in July 2020, acquiring pharmaceutical supplier CNP Group. The fund remains on the road and is targeting €550m. Its predecessor vehicle held a final close in January 2015 on €440m, surpassing its target of €400m.

Quadriga's fifth flagship fund was registered in August 2019 with a target of €500m. The fund has so far invested in Algesiologikum Group and Degedi Group; both investments were made in 2020.

Unigestion's second direct investment vehicle held a first close in August 2019. The GP announced a third close for the vehicle in June 2020 on €375m. For co-investments alongside smaller funds, the fund will deploy tickets of €10-15m on average. For co-lead and lead deals, the ticket size can go up to €25m.

Mirabaud is on the road for its second private equity fund with a target of €200m, having delayed the first close slightly due to the impact of the coronavirus pandemic. The fund will target emerging B2C businesses and brands in the lifestyle sector, as well as B2B companies dedicated to the consumer sector.

Patrimonium Private Equity Fund held a first close in March 2020 on €100m and is aiming for final close before March 2021. The fund made its first deal in 2018 and most recently acquired Roth Group in October 2020. The fund will focus on the DACH lower-mid-market, investing in industrial products and services in the B2B and B2C sectors.

Evoco TSE III held a first close in June 2020 on €93m against its target of €150m. The fund expects to hold a second or final close in Q4 2020, followed by a potential final close towards the end of Q1 or start of Q2 2020. A source close to the situation told Unquote that the fund strategy has resonated well with investors who like the differentiated approach to investing in the DACH lower-mid-market.

Premium Equity Partners is understood to be on the road for its second fund. The firm has made seven investments to date and has made three exits, generating average returns of 3.3x money and a 34% IRR. The GP's second vehicle will follow the same strategy as its predecessor, focusing on small-cap buyouts in the DACH region, primarily in Germany.

Beyond Capital Partners' second flagship fund held a first close in August with committed capital totalling half the fund's target size of €100m. The vehicle is expected to hold a final close in Q4 2020 or Q1 2021. The fund will follow the strategy of its predecessor, which looked to invest in family-owned, small and medium-sized businesses in asset-light sectors in the DACH region.

Earlybird launched its Digital East fund in June 2019 and is heading for a final close on its €200m hard-cap. The fund will invest in early-stage and growth-stage technology companies based in Turkey and CEE, excluding Russia.

Heal Capital has so far raised €89m for its debut fund, following a first close in December 2019. The fund is understood to be on track for its final close targeting €100m and expects to remain on the road for several more weeks. The fund will focus on digital health businesses and has so far made three investments.

HV Holtzbrinck is on the road for its eighth flagship fund, which has been open for commitments since April 2020. The fund aims to begin investing from Q4 2020. HV invests in rounds ranging from early-stage to growth. The GP's predecessor fund held a final close in January 2018 on €306m and made investments of €500,000-40m.

Unigestion held a first close for its fifth secondaries fund in June 2020 on €228m, as reported. The fund aims to make 30-35 deals over the course of its three-year investment period and will generally target small-cap, non-auctioned, GP-led transactions valued at less than €50m, although it could opportunistically target LP stakes.

Swan V has a €500m target and was launched in August 2020 following the final close of its fourth fund, which focused on co-investments. Swan V will follow the same strategy as the GP's previous funds-of-funds and will deploy equity tickets of €10-30m. The vehicle expects to hold a first close by the end of October and is expected to remain open for commitments until the end of Q2 2021.

Golding Buyout 2018 held a first close in December 2018 on €165m and expects to hold a final close by the end of 2020. The vehicle will invest in 15-25 funds, generally focusing on those with a volume of less than €1bn.

Pictet announced its first sector-focused fund-of-funds in October 2020. The vehicle will invest in 20-25 funds and will also make up to 20 direct or co-investments in private companies. The fund will target both early-stage companies and later-stage buyouts for its direct and co-investment strategy.