Belgian private equity fund Integra Capital Partners has held a €110m third close for its Integra Fund vehicle, surpassing its initial €100m target.
Integra Fund was launched in Q4 2018 with an initial €21.5m committed by a number of entrepreneurs, family offices and the three Integra founders, Johan Heirbrandt, Ralf De Clercq and Bernard Hendrikx. A second closing on €75m followed in June.
The GP had the aim of closing the fund on €100m by the end of 2019, though it has now set a new target of €150m and extended the subscription period of the fund to mid-2020. The GP wil decide later on in the year whether to close the fund in the summer or extend the fundraising until the end of 2020.
No hard-cap has been set, but the GP does not expect the fund to exceed €200m, Unquote understands.
The terms of the fund are more attractive than the 2% management fees and 20% carry standard, Unquote has learned. No placement agent has been used for the fundraise.
The original group of around 10 investors increased to around 50 with the second close. Integra's LP base now counts around 90 backers, mostly entrepreneurs. Family offices and institutional investors have also made commitments. The GP will look to attract institutional investors – including pension funds, insurance companies and banks – to complete the fundraise, Unquote has learned.
Commitments came from LPs mostly based in Belgium.
Integra is looking to build a diversified private equity portfolio mixing direct investments in Belgian SMEs, investments in international PE funds, and co-investments with these funds.
The GP buys majority and minority stakes investing €1-15m in Belgian SMEs with EBITDA of at least €1m. Target companies' EV will be in the €5-25m range. It has completed two direct investments in Belgium, backing recycling company Vindevogel, and Sack Zelfbouw, a family business specialising in DIY kits for heating, sanitation, ventilation and bathrooms.
For international PE fund investments, Integra focuses on buyout and growth funds, committing a minimum of €5m. To date it has acted as an LP for two funds: L Catterton Europe IV, a PE fund that invests in European medium-sized growth companies in the consumer sector; and MML Capital VII, a transatlantic PE fund investing in business services.
In co-investment deals, the companies' EV must be more than €25m. The GP has co-invested in Spain-based Citri&Co, a platform specialising in fruit production.
To date, Integra Fund has deployed €35m.
Integra Capital Partners – Johan Heirbrandt, Bernard Hendrikx, Ralf De Clercq (co-founders, partners).
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Company has generated €12m in revenues and has a 25% EBITDA margin