Artá Capital becomes independent, eyes €400m for Fund III

Artá Capital will become an independent investment company wholly owned by its managers. It will continue to manage its current investment vehicles, Deyá Capital and Artá Capital Fund II. CFA will maintain its current commitment as a reference investor in both vehicles, the firm said in a statement.

The change in ownership paves the way for Artá raising its third vehicle, which will have the same target size of €400m and investment strategy as its predecessor. CFA will commit 25% of the capital in the fund, which has not been launched yet, according to a source close to the situation.

CFA said it no longer considers its presence as shareholder in the GP necessary, as an independent management company will "facilitate the incorporation of national and international institutional investors" in future Artá funds. It also said its exposure to Artá funds as an LP means that its goal to invest in smaller private companies in Spain and Portugal is adequately met.

CFA founded Artá as a majority partner in 2007. Since then, the GP has invested around €600m and raised €250m in co-investment opportunities in 16 Iberian companies, of which nine have already been divested. The firm currently manages two investment vehicles: Deyá Capital (€400m, in its divestment period) and Artá Capital Fund II (€400m, in its investment period). Both funds focus on minority and majority growth investments in mid-market private companies in Spain and Portugal. Fund II is currently generating an IRR in excess of 25% following its launch in 2017, the firm said in a statement.

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