Spanish VC Talde Capital Riesgo has held a €67m first close for its newest venture fund, with capital raised from institutional investors, family offices and state-backed Fondo ICO.
According to a source close to the situation, fundraising for Talde Capital Crecimiento began in 2014 and the GP held a €67m first close towards late November 2015. The VC is looking to hit the €100m target by June 2016, the same source added.
The fund comes with a 10-year lifespan and follows the industry standard with regards to management fees, hurdle and carried interest.
Talde's activity on the fundraising front follows the VC's recent exit of the 40% stake it held alongside Miura Private Equity in Spanish mortgage document outsourcer Grupo BC.
Talde Capital Crecimiento is the second Spanish VC fund to hold a first close in recent weeks. In mid-November, Barcelona-headquartered Telegraph Hill Capital announced plans to hold a first close in excess of €10m for its second fund.
However, fundraising by Spanish firms has been under strain recently, with local players reporting a cooling of LP enthusiasm for the country's funds after the summer.
Talde Capital Crecimiento has so far leaned heavily on institutional LPs, which supplied 62% of the amount raised at first close. The group includes pension funds, insurance companies, asset managers and the Development Bank of Latin America; the latter was brought on board in an attempt to bolster the company's expansion in the Latin American market, unquote" understands.
Meanwhile, Spanish state-backed investor Fondo ICO provided 25% of all commitments to date, followed by 13% secured from family offices.
Across its lifespan, the new fund will back 7-12 companies valued in the €7-70m bracket. Talde Capital Crecimiento will deploy €7-15m per deal, which represents a step-up from the €1-6m equity tickets deployed by previous Talde funds. Accordingly, Talde Capital Crecimiento will target assets at a later business stage than the earlier vehicles.
The fund will prioritise growth capital investments but LBO and MBO transactions will also be contemplated on a secondary basis.
Up to 90% of the capital will be dedicated to Spanish SMEs, with a focus on those with potential for a strong build-up programme and internationalisation, particularly to Latin American countries such as Mexico, Peru, Chile and Colombia. According to the firm, agreements have already been struck with VCs in the region to speed up the expansion of portfolio companies.
No deals have been announced for Talde Capital Crecimiento as of mid-December, but the fund's investment phase could kick off shortly as work progresses around a handful of opportunities, unquote" understands.
Talde Capital Riesgo is headed by CEO José María Zalbidegoitia, followed by managing director Idoia Bengoa and investment directors Jon Arosa and Marc Baiget.
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