UNQUOTE

Diana Capital to launch €200m third fund

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Spanish GP Diana Capital will launch its third fund with a €200m target in the second half of the year, the GP has told Unquote.

The fund will be larger than its predecessor, Diana Capital II, which held a final close on €100m in 2014 and is now 90% deployed, Unquote understands. The GP plans to ink one more deal or bolt-on with its second fund in the coming months before terminating its investment period.

Diana Capital III's LP base will be primarily composed of Spanish family offices as well as funds-of-funds, insurance companies, banks and pension funds. Most of the LPs from the previous vehicle are expected to re-up, alongside several new investors, according to the GP.

The fund will make eight or nine investments in Iberian companies generating revenues in the €30-200m bracket and EBITDA north of €3m. It will target majority stakes and growth capital investments and will deploy equity tickets in the €10-25m range.

Like its predecessor, the new vehicle will be sector-agnostic but will not consider the real estate and financial sectors. In addition, the fund will also deploy a buy-and-build strategy aimed at strengthening its portfolio companies and bolster their expansion.

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