Talde launches €150m fund

Alessia Argentieri
15 September 2020

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Spanish GP Talde Private Equity has launched a new fund with a €150m target, Talde Capital Crecimiento II, which has already raised €55m after only two weeks on the road.

The GP plans to hold a first close between December 2020 and January 2021, and a final close in one year.

This fund will be larger than its predecessor, Talde Capital Crecimiento I, which raised €102m and is currently almost completely invested.

The vehicle backed seven companies: medical equipment producer Deltalab; nutrition products specialist Tegor; sound insulation expert Acoustic & Insulation Techniques; electronic components manufacturer P4Q, engineering company Burdinberri; Fire Piping, a producer of pipes for sprinkler systems; and Rotecna, which was recently sold to Solix-backed Skiold Group.

The fund will use its remaining resources to finance the buy-and-build strategy of its portfolio companies and provide them with financial support during any economic crisis that might result from the pandemic, according to the GP.

Talde has also recently increased by 50% the capital of its evergreen platform Talde Promoción y Desarrollo. In addition, the firm manages a private debt vehicle, Talde Deuda Alternativa, and a real estate vehicle.

Investors
Talde Capital Crecimiento II received commitments from a wide pool of investors, primarily composed of institutional LPs. Its base also includes several Spanish family offices.

Talde expects to attract new investors in the coming months, primarily from Europe.

Investments
The fund will invest in companies with revenues in excess of €20m and EBITDA of more than €3m, primarily based across Spain.

Target companies will have to meet certain criteria, including having a clear business model and a unique competitive advantage, being managed by a solid team; recording a consistent generation of cashflow and positive results; operating in sectors with potential for organic growth or consolidation; developing international expansion plans; and presenting reasonable divestment prospects.

Talde Capital Crecimiento II will target a wide range of industries, excluding the real estate and financial sectors. It will deploy equity tickets of €7-20m. The GP is currently studying 60 investment opportunities in different sectors and expects to close its first deal in the coming months.

Talde Private Equity – José María Zalbidegoitia (president); Idoia Bengoa (CEO).