N+1 registers EQMC fund in Spain

The Madrid-based vehicle facilitates investment from Spanish pension funds, which are prevented from investing in funds located outside of Spain. Local family offices are also expected to participate.

The original EQMC Fund was announced in June 2006 by N+1 and Electra Quoted Management, a subsidiary of Electra Partners Group. N+1 is viewing its Spain-based vehicle as part of the same "family" as its Irish counterpart, and says that funds have a joint target of €300m.

EQMC Ireland held its first close at €200m in July 2006 and currently has a portfolio of around 12 companies. It co-invests with other private equity and hedge funds and focuses on buying minority stakes in quoted companies based in Italy, Spain, Germany, France and the UK, with a market-cap of up to €1.5bn.

The management fee of these vehicles is set at 1.6%, with a 15% carry and a hurdle rate of Eurobor. LPs who invest less than €1m pay a slightly higher management fee of 2%.

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