Meridia Capital to launch €150m second fund

Alessia Argentieri
20 December 2019

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Spanish private equity firm Meridia Capital will launch a second fund with a €125m target and €150m hard-cap at the beginning of 2020, Unquote understands.

The GP has recently completed the first exit of its Meridia Private Equity I fund, by selling its minority stake in Kipenzi to Peruvian family office Emefin.

The firm's first vehicle closed on €105m in June 2017 and is now 85% deployed. Meridia intends to ink a seventh deal with this fund at the beginning of 2020 by investing in a Spanish company operating in the healthcare sector. Following this last investment, the fund will be 95% deployed.

Meridia expects most of the LPs from its previous vehicle to re-up to the new fund, including several Spanish family offices and insurance companies, as well as Fond-ICO Global, the fund-of-funds controlled by state-owned Instituto de Crédito Oficial. Meridia's team will commit around 5% of the capital.

In addition, the GP expects to attract new LPs, both Spanish and international, primarily from Europe, the US and Latin America.

The fund will target majority and minority stakes in Spanish companies with EV in the €25-150m bracket, generating revenues of €15-150m.

It will deploy equity tickets of around €15-20m, with the aim of boosting its portfolio companies' growth through international expansion, operational change and market consolidation.