GPF Capital holds €150m final close for second fund

Amedeo Goria
27 October 2017

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Spanish buyout house GPF Capital has reached a €150m final close for its second mid-cap fund, GPF Capital II.

Launched in September 2017, GPF Capital II is a Sicav-RAIF vehicle based in Luxembourg. The firm's debut fund attracted €100m in commitments in 2015.

The GP completed its first exit in July this year, selling an 85% stake in Madrid-based computer services business Acuntia. The fund manager reaped a 3x return after the 18-month investment period, equating to an 80% IRR, according to a source familiar with the situation.

Following the launch of the new fund, the firm hired former Savera CEO Ramón Azpiroz as an industrial director, and ex-Deloitte manager Javier Romero-Requejo as associate responsible for due diligence.

Investors
The majority of LPs involved in the firms' maiden vehicle reinvested in the new fund. These LPs are mainly based in Spain and Latin America.

The fund manager invested €30m, unquote" understands.

Investments
The GP targets Spanish lower-mid cap companies with EBITDA in excess of €3m and revenues of up to €50m.

People
GPF Capital – Martín Rodrigues-Fraile Huete, Lorenzo Martínez de Albornoz Torrente, Ignacio Olascoaga Palacio, Guillermo Castellanos O'Shea (co-founders, directors).