US-headquartered The Riverside Company has collected €314m for Europe Fund VI, which has a €600m target.
The vehicle, launched in H1 2019, has a hard-cap set at €750m, Unquote understands. If the target or hard-cap were to be reached, the sixth-generation vehicle would significantly surpass its predecessor Europe Fund V, closed on €340m in 2017. The latter fund was short of its €450m target and smaller than the €420m Europe Fund IV, which closed in 2010.
Evercore acted as placement agent to Riverside Europe Fund V.
The Riverside Company declined to comment on the fundraising.
The vehicle has attracted commitments from 32 investors and the GP has made its own commitment of €30m, according to the filing.
Riverside funds traditionally attract attention from LPs in Europe, the US and Australia, Unquote previously reported.
Europe Fund VI will pursue the strategy led by its predecessors, acquiring controlling stakes in companies posting EBITDA of at least €30m based in DACH, Benelux, France, the UK, Ireland, Spain, Italy and the Nordic region, Unquote has learned.
Since 2018, the GP has backed via Europe Fund V the following companies: Germany-based GermanPersonnel and ACTINEO; Italy-based Galvanina and LF Spa; Netherlands-headquartered E&A Scheer; and Irish company Netwatch Group.
The Riverside Company – Karsten Langer (managing partner).
Charcoal and natural additives company saw final bids from two banks and one direct lender
VCs including the Swiss Entrepreneurs Fund, BtoV and Ringier Digital Ventures also participated
Around 40 existing and new LPs, including British Patient Capital and the EIF, participated
Fund will invest in buyouts, recapitalisations and carve-outs of both profitable and underperforming businesses