GPF Capital closes third buyout fund on €300m

The fund has a target IRR of more than 20% and is larger than its predecessor, GPF Capital II, which closed on €150m in 2018 and is almost fully deployed. It plans to make one last investment in the coming months, the GP told Unquote.

The firm did not use a placement agent for this fundraise.

Investors
The vehicle was raised in less than two months, with support from both existing and new investors.

The LP base is primarily composed of family offices from Spain, the rest of Europe and Latin America. All investors in the second fund re-upped to this third vehicle. In addition, GPF Capital also contributed to the fund.

Investments
GPF Capital Partnership III targets primarily Spanish companies but can also invest up to 20% of its capital outside of Spain. It deploys equity tickets of at least €15m and is open to co-investments for larger deals. 

The fund has a generalist approach and targets sectors with strong aggregation and internationalisation opportunities. It invests in SMEs generating EBITDA in excess of €3m and revenues of up to €100m.

It intends to pursue an intense buy-and-build strategy with the aim of consolidating the market position of its portfolio companies and boost their international expansion.

The fund plans to make its first investment in Q2 2020.

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• Southern Europe
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