N+1 Mercapital aims for €1bn fund

The firm will back medium-sized Spanish businesses looking to expand on an international level, particularly in Latin America.

"We think it will be challenging," a source close to the situation told unquote". "But this merger will place N+1 Mercapital in a stronger place than going to the market separately."

The recently-announced merger of N+1 Private Equity and Mercapital will create the largest private equity firm in Spain, with over €1.7bn under management.

The match appeared logical given the similar evolution of the two GPs' investment strategies. In the late 80s to early 90s, N+1 (then AB Asesores) and Mercapital raised the earliest Spanish private equity funds. Both firms initially focused on industrial investments, before adjusting their focus to services. With the onset of the financial crisis, they then looked to companies seeking international expansion. In addition, two senior players at N+1 were formerly employees of Mercapital and the two houses completed several co-investments over the years.

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• Topics
• Southern Europe
• Spain
• Mercapital