Miura Partners raises first EUR 150m impact fund

Wahida Ahmed
25 July 2022

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Spain-based Miura Partners has launched its first impact fund with a target of EUR 150m to invest in high-growth small-caps in Southern Europe and with its carried interest linked to the achievement of impact goals for portfolio companies.

Rede Partners acted as placement agent with King & Wood Mallesons providing legal advice, according to a press release.

Miura's Impact Fund will target companies across three themes: healthier lives, which includes healthcare, well-being and safety, and accessible nutrition; regenerative planet, which includes agriculture, clean energy and circular solutions; and thriving communities, which includes jobs and upskilling, edtech and digital inclusion.

The fund is classified as Article 9 of the Sustainability Disclosure Regulation for the financial services sector.

As well as having the new fund's carried interest linked to impact goals – and not only to financial achievements – the GP will commit a portion of the management fees and the carry to build partnerships with non-profit organizations operating within its impact investment themes.

This fundraising will bring Miura's AUM to EUR 1.2bn, according to the press release. The Barcelona-based GP has a mid-market strategy, with its EUR 330m Miura Fund III, and an agribusiness vehicle, Frutas, which held the first close in October 2019 on EUR 350m.

Founding partner and CEO Luis Seguí and partners Gustavo Barroeta, Guillem Augé and Esther Sarsa, will manage the fund and they collectively have experience in sustainability and small-caps investments, according to the press release.

Investors
Miura's Impact Fund is backed by existing private and institutional LPs as well as new investors.

The European Investment Fund was an LP in Miura Fund III, while Alpinvest Partners was an investor in Miura Fund II, according to Unquote Data.

Investments
The new fund will back small-cap companies in Southern Europe that solve global issues following United Nations' Sustainable Development Goals.

People
Miura Partners - Luis Seguí (founding partner, CEO), Gustavo Barroeta (partner), Guillem Augé (partner), Esther Sarsa (partner).