Inveready holds €55m first close for private equity fund

The fund – which is managed by a team led by partners Josep Maria Echarri and Carlos Conti, and investment director Ramon Resa – expects to hold a final close by the end of Q1 2020.

This is the first private equity vehicle dedicated to the mid-market launched by Inveready. The GP currently manages a range of venture capital funds, including Inveready Seed Capital, which is dedicated to early-stage transactions; Inveready Biotech III, which invests in life science businesses; and Inveready First III, which focuses on the ICT sector.

Investors
The fund was backed by Spanish bank Andbank España. It raised most of its capital at first close from Spanish family offices and private investors, and expects to attract several new Spanish and European investors in the coming months.

Investments
Gaea invests tickets of €2-20m in Spanish companies with an EV in the €5-75m range, generating revenues of €10-100m and EBITDA between €1-20m.

The fund intends to acquire both majority and minority stakes in 10-15 companies by deploying equity as well as hybrid instruments and debt facilities to meet the expansion and consolidation needs of its target companies.

People
Inveready – Josep Maria Echarri, Carlos Conti (managing partners).

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• Topics
• Funds
• Buyout
• Debt
• Southern Europe
• Inveready First Capital
• Spain