Mediterrania holds €103m first close for third fund

The fund has a target of €250m, and the GP said in a statement that it plans to hold a second close in mid-2018.

The development comes two years after the firm's predecessor vehicle held a final close on its target of €120m. According to a statement, MC II, which was launched in 2013, was 80% deployed as of March 2017.

Mediterrania operates from offices in Abidjan, Algiers, Barcelona, Cairo, Casablanca and Malta.

Cuatrecasas and Allen & Overy provided legal advice to the GP on the fundraising process.

Investors
The new vehicle received commitments from new and existing LPs, including development finance institutions and commercial investors. Earlier this month, the GP received a €15m commitment from the European Bank for Reconstruction and Development, which it said could increase to €35m in subsequent closings.

Investments
MC III will invest in companies with equity valuations of €25-400m that are targeting expansion into the North African and sub-Saharan African markets. The firm has typically invested in Iberian businesses, as well as those based in North Africa and the sub-Sahara region.

The vehicle will write equity cheques of €10-30m and will look to make 8-12 investments during its lifespan. It will primarily focus on minority investments, but will also consider taking majority positions.

MC III will target assets operating in the healthcare, finance, education, transport, logistics and fast-moving consumer goods sectors.

People
Mediterrania Capital Partners – Albert Alsina (founder, CEO).

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