DACH Fundraising Pipeline - Q1 2021

Capiton VI made its first platform investment in July 2020, acquiring pharmaceutical supplier CNP Group. Its predecessor vehicle held a final close in January 2015 on €440m, surpassing its target of €400m.

Afinum's ninth fund aims to hold a first close by mid-2021 and will make equity investments of €30-35m. It will generally invest in companies with enterprise values of €60-100m.

Quadriga's fifth flagship fund has so far invested in Algesiologikum Group and Degedi Group; both investments were made in 2020.

Unigestion's second direct investment vehicle held an interim close in October 2020 on €500m. The fund will make direct and co-investments in small and mid-cap companies. 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.

Gyrus Principal Fund held a first close in the €230-240m region in July 2020. The fund has made two platform investments and expects to hold a final close in Q2 2021 on its hard-cap. The fund will be 40% deployed following its next platform investment.

Mirabaud held a first close for its second private equity fund on €56m in December 2020. The fund will target emerging B2C businesses and brands in the lifestyle sector, as well as B2B companies dedicated to the consumer sector.

Patromonium Private Equity Fund held a first close in March 2020 on €100m. The fund focuses 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 acquires groups of non-core assets, targeting businesses with a turnover of €30-250m. The vehicle made its first deal in December 2020.

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 fund, focusing on small-cap buyouts in the DACH region, primarily in Germany.

BCP II has made two platform investments, the latest of which was security systems company Xortec in Deceber 2020. The vehicle is expected to hold a final close in Q1 2021. It has a hard-cap of €125m.

Target Global held a first close for its third fund in December 2020 on €300m. The vehicle will invest 70% of its capital in Europe, 20% in Israel and 10% in the US. The fund will target companies with valuations of €50-200m, deploying equity tickets of €10-30m.

Cipio's eighth flagship fund was registered in January 2020 and was launched in Q4 2020. It expects to hold a first close in March 2021. Cipio makes direct secondary investments in technology companies, predominantly focusing on Europe.

Earlybird is on the road for its latest flagship fund. Previous vehicles in the strategy have made investments of €500,000-15m, focusing on digital and software technology companies.

Earlybird is fundraising for its second healthcare-focused fund. The fund's predecessor vehicle held a final close in August 2018 on €85m and aimed to back 12-15 digital health and diagnostics companies.

UVC Partners held a first close for its latest venture fund in October 2020 on €108m. The fund writes equity tickets of €500,000-4m in initial rounds and can deploy up to €15m per company. The vehicle expects to hold a final close in Q2 2021.

Speedinvest held a first close for its second Network Effects fund in November 2020 on €33m. The fund expects to hold a final close in Q1 2021 and has reached around 80% of its target volume.

Unigestion held a first close for its fifth secondaries fund in June 2020 on €228m. 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 the fund can opportunistically target LP stakes.

Swan V was launched in August 2020 following the final close of the GP's co-investment focused fund, Swan IV, in August 2020. Swan V will follow the same strategy as Swan III and the GP's previous funds- of-funds – it will deploy equity tickets of €10-30m and will pursue a co-mingled strategy. The fund held a first close in October 2020 and has so far made 10 deals.

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.

MPEP IV has made 12 investments and is the GP's second vehicle to be open to external institutional investors beyond cornerstone investor RWB Group. The fund is expected to hold a final close by the end of H2 2021 and will hold a second closing in the coming weeks, the firm confirmed to Unquote.