Qualitas closes second fund-of-funds, prepares new launch

Alessia Argentieri
06 February 2019

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Spanish private equity firm Qualitas Equity Partners has held a final close for its second European fund-of-funds, Qualitas Mutual Private Equity Program II, on its €100m hard-cap.

Qualitas Mutual Private Equity Program II was launched in 2017 with a €70m target and a €100m hard-cap and held an interim close on €30m in December 2017.

In addition, Qualitas is planning to launch a third fund-of-funds with a €120m target in the first half of 2019.

The vehicle is larger than its predecessor, Qualitas Mutual Private Equity Program I, which held a €51m final close in October 2016 and is now fully deployed in 13 funds.

The GP also manages Q-Energy, which invests in renewables; Qualitas Q-Prime, a €126m vehicle targeting the real estate sector; Q-Impact, launched in 2017 to focus on SRI and ESG investments; and Q-Growth, a €60m private equity fund which invests tickets between €4-15m in companies with revenues of more than €5m.

Investors
The fund received commitments from institutional investors, family offices and high-net-worth individuals. Around 90% of the LPs are Spanish, while 10% are European and Latin American investors.

Investments
The vehicle plans to invest in 15-16 European (but not Spanish) lower-mid-market buyout funds with a size between €50-500m. In addition to primary commitments, Qualitas Mutual Private Equity Program II also invests in secondaries and makes co-investments. So far, the fund has made 12 primary commitments and four co-investments.

People
Qualitas Equity Partners - Eric Halverson (founding partner).