Capza closes fifth debt fund on €1.6bn, prepares new launch

Alessia Argentieri
29 April 2021

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Capza has held a final close for its unitranche fund Capza 5 Private Debt on €1.6bn, exceeding its initial target.

Following the rapid deployment of this vehicle, which is already 75% invested, Capza intends to start fundraising for a sixth private-debt vehicle by the end of 2021.

Capza 5 Private Debt was launched in July 2019 with a €1.5bn target. It is larger than its predecessor, which closed on €950m in March 2018.

Said Laurent Bénard, CEO of Capza: "Our ambition is to continue the international diversification of our LP base over the next vintage."

Since its inception in 2004, Capza's Private Debt strategy has led more than 100 transactions. Recent deals included intellectual property software Questel; electromagnetic waves visualisation specialist MVG; manufacturer of medical sterilisation packaging Sterimed; and IC Consult, and identity and access management expert.

Investors
The fund's investor base is primarily composed of insurers, funds-of-funds, public institutions and pension funds.

LPs include previous and new French investors, and international investors from Germany, Switzerland, Italy, Japan and South Korea.

Investments
The fund will invest in SMEs with EBITDA of more than €12m, providing LBO financing, including unitranche, senior loans and mezzanine.

It plans to deploy around 50% of its capital in France and the remainder in the rest of Europe, primarily Spain and Germany.

The investment strategy is dedicated to resilient and non-cyclical businesses, with a focus on the healthcare and technology sectors, which represented 74% of the investments made by Capza's last two private debt vintages.

Capza 5 Private Debt has already committed 75% of its investment capacity to date to companies that have demonstrated resilience among the Covid-19 crisis. Its portfolio includes 14 transactions completed to date and two additional investments signed, but not yet closed.

People
Capza – Laurent Bénard (CEO); Guillaume de Jongh (Private Debt partner).