Vespa holds first close of maiden fund

Fund

Vespa Capital, a new buyout fund manager based in the UK and France, has held the first close of its inaugural fund Vespa I, a EUR100m vehicle, at EUR50m. The fund was formally launched in November 2008 and has a life span of 10+1+1 with a five year investment period. The fund consists of two vehicles, one based in the UK and one in Luxembourg, with identical investment terms. The vehicles were created to meet the needs of the different domiciles within Vespa's investor group.

In the UK, David Williams of DLA Piper provided legal advice, in France, this advice was provided by Xavier Xavier Norlain of Frieh & Associes and in Luxembourg, Arendt & Medernach provided the legal advice. Stephane de Lassus of Sarrau Thomas Couderc provided the fund with tax advice.

Investors

Vespa's investor base currently consists of European high-net-worth individuals. The minimum subscription was £1m with a management fee of 2% and 20% carried interest. The GP also contributed an undisclosed sum.

Investments

Both vehicles will invest together and on the same terms in buyouts and take majority stakes. The fund would also consider co-investments, if it owned the controlling stake in a business. Vespa has no preference regarding sectors but limits its investments to the UK and France. The minimum it would invest is £5m per transaction, while the maximum is £25m per transaction. Two deals per year are planned. The pipeline has been described as good.

People

Nigel Hammond is the main manager for the fund in the UK and Denis Leroy in France.

Name: Vespa I

Target: EUR100m

Closed on: EUR50m

Focus: Buyouts

Contact (UK): Nigel Hammond

Vespa Capital LLP

PO Box 403

Langton Green

Tunbridge Wells

TN2 9YL

Tel +44 1892 531 373

Contact (France): Denis Leroy

Vespa Capital SARL

25 rue Marbeuf

75008 Paris

Tel +33 179 972 430

Advisers: DLA Piper, Frieh & Associes, Arendt & Medernach (Legal)

Sarrau Thomas Couderc (Tax).

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• Buyout
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