Corpfin holds dry close for Fund V

The fund was marketed to existing investors in a closed process that only lasted a few weeks, according to an industry source.

The vehicle held a so-called dry close because its predecessor is currently still in its investment phase, meaning Corpfin V will remain dormant until Corpfin IV has been fully deployed.

Corpfin IV held a final close on its €255m hard-cap, surpassing a €200m target, in April 2015. It is expected to be fully deployed in the coming months.

The GP elected not to substantially increase its fund size for the latest raise, despite being oversubscribed, because it wanted to remain in the lower-mid-market deal bracket, the source added.

Acanthus Advisers acted as placement agent for Corpfin IV and was retained as a fundraising adviser for Corpfin V. The vehicle was registered in Spain as Corpfin Capital Fund V FCR at the end of July.

The fundraising comes after a succession process for the GP, when Patrick Gandarias retired, Alberto Curto, Gorka Garcia, Fernando Trueba and Alvaro Oliveras became managing partners, and Carlos Lavilla became president.

Investors
The LP base for the new fund is almost entirely the same as the previous vehicle, including institutional investors from Spain, Europe and the US, the source said.

Corpfin IV attracted commitments from institutional investors including the European Investment Fund, Fondo ICO Global and asset managers BMO, Access Capital Partners and HQ Capital.

Investments
Corpfin V will seek buyout and growth-capital opportunities in Spanish companies with EBITDA of more than €5m, and an enterprise value of €25-200m. It will begin deploying as soon as Corpfin IV is fully deployed.

People
Corpfin Capital – Carlos Lavilla (president); Alberto Curto, Gorka Garcia, Fernando Trueba, Alvaro Oliveras (managing partners).

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