Aurica Capital holds €100m first closing for third fund

Previously known as Aurica XXI, the Barcelona-based GP rebranded as Aurica Capital Desarrollo in 2015. According to a source familiar with the situation, the GP is targeting €150m for Aurica III with a €200m hard-cap, following approval from Spanish authorities.

The fund has already raised €100m in capital commitments from several Spanish institutional investors and family offices. According to press reports, the GP intends to operate the first transaction in the third quarter of 2016.

Following its rebranding, the GP will continue to manage the remaining portfolio of Aurica XXI, a 2007-vintage vehicle.

Investors
Banco de Sabadell provided 49% of the commitments to the fund, while the remaining 51% came from family offices and Spanish institutional investors. Aurica III is the first fund by the GP since it span out of Sabadell and is the first in which the bank is not a majority shareholder.

Investors committed tickets of €10-15m and include the investment bank Institut Català de Finances, which committed 10% of the first close, alongside Cofides, the Spanish state- and private-backed financial investor.

Investments
Aurica III focuses on growth capital and targets minority stakes in the 20-40% range in Spanish mid-cap companies that generate €30-200m of revenues and €5m EBITDA.

The GP intends to invest €10-30m equity tickets in seven or eight Spanish companies within the following five years.

The vehicle follows the industry standards with regards to terms and conditions and has a holding period of four to seven years. The GP is targeting a net IRR of between 15-20% for the fund.

People
Aurica Capital Desarrollo – Raúl Rodriguez Sabater (managing director); Iván Plaza Ferriz (principal); Ferrán Alcácer Vilarmau (investment director).

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