Sherpa Capital closes third fund on €150m

The fund is larger than its predecessor, Sherpa Capital II, which held a final close in May 2014 on €100m.

Unlike the GP's previous funds, Sherpa Private Equity will not invest in distressed companies facing special situations and will instead be targeting small and medium-sized, well performing businesses. 

Eduardo Navarro, president of Sherpa Capital and member of the firm's investment committee, will direct the fund's investment strategy.

Investors
According to a statement, the fund was backed by existing investors, mainly family offices and institutional investors.

Unquote understands that 10% of the capital came from the GP, 15% from Spanish private investors, another 15% from Spanish institutional investors and the remaining 60% was provided by international institutional investors, mainly European.

Investments
The vehicle will invest equity tickets between €10-20m in eight to 10 transactions, acquiring primarily majority stakes in Iberian SMEs with annual EBITDA between €1-5m. Furthermore, the firm will pursue buy-and-build opportunities.

The GP said in a statement that it is already analysing several opportunities and expects to close a deal in the coming months. Although the target companies will be typically based in Spain and Portugal, attractive investment opportunities in larger-scale companies based in the rest of Europe will also be assessed, Sherpa added.

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• Southern Europe
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