Alantra closes Alantra PEF III on €450m hard-cap

Alice Tchernookova
15 February 2017

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Alantra Private Equity, formerly N+1 Private Equity, has held a final close for its Alantra Private Equity III (Alantra PEF III) fund on the €450m hard-cap.

A first close was held for the fund on €400m in April last year, prior to the firm's rebranding announced in September. The fund was initially launched as N+1 Private Equity III.

A mid-market fund launched with a €400m target in July 2015, Alantra PEF III is the largest Spain- and Portugal-focused fund raised since 2008, Alantra claims. The GP's previous vehicle, Alantra PEF III, has reportedly returned 2x money to investors so far.

Placement agent Axon Partners led the fundraising effort for Alantra PEF III, while the firm's private banking division also supported the effort. King & Wood Mallesons acted as legal adviser.

Alantra, an advisory firm, investment bank and asset manager, rebranded at the end of last year after mergers with Mercapital in 2012 and with Dinamia in 2014. As of September 2016, the group operated in 19 countries under different brands and had €3.2bn in assets under management spread across its mid-market-focused private equity, private debt, real estate and listed equity funds.

Investors
Investors include a mix of funds-of-funds, insurance companies, financial institutions, development finance institutions and family offices.

The fund received a €100m commitment from Spain's Centre for the Development of Industrial Technology and €40m from the European Investment Bank.

Other investors include French fund-of-funds Access Capital, Spanish family offices, the European Investment Fund and Spanish state-owned fund-of-funds Fond-ICO Global, which, according to a source familiar with the matter, may have allocated as much as €50m.

Alantra and its management team committed 10% to the fund.

Investments
The vehicle aims to acquire majority stakes in 8-10 Spanish and Portuguese upper-mid-market companies to boost their internationalisation. The fund will mainly target companies in the technology and industrial sectors with an EBITDA of up to €40m and enterprise values of €80-300m. It will invest equity tickets within the €35-90m bracket.

Investment periods will be industry standard.

People
Alantra Private Equity – Gonzalo Rivera (CEO).