Explorer Investments closes fund at €270m

Cecilia Bergamaschi
31 May 2011

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Portuguese private equity firm Explorer Investments has held a final close of its third fund at €270m.

Explorer III had an original target of €300m when it launched in 2009. Carry and hurdle were described as in line with industry standards.

Explorer III is larger than the firm's previous fund, launched in 2007, which closed at €200m.

Investors
The fund attracted European institutional investors, mainly from Iberia.

Investments
Explorer manages three funds for a total of €530m and is currently looking for opportunities to invest in Iberia, especially in the Portuguese market. The firm plans to invest in profitable Iberian companies with growth potential through internationalisation and/or sector consolidation. Explorer focuses on businesses that are in a process of restructuring their shareholder base, in all sectors – except real estate and finance. Each investment will range from €12-45m.

Explorer III made its first investment at the end of 2010, when Lisbon-based wholesaler and retailer of home appliances Totalmedia Entregas ao Domicilio was acquired in a buyout transaction. Explorer aims to build a portfolio with 10-15 companies.

People
Cuatrecasas Gonçalves Pereira provides legal advice. Rodrigo Guimarães, Elizabeth Rothfield and Marco Lebre are Explorer's founding partners.