Corpfin holds first close on €150m

The first close marks a turning point in Spanish fundraising, which has proved extremely challenging in recent years.

Nazca Capital is the sole GP to have held a final close in the buyout space in the last four years, according to unquote" data, closing its third fund on €200m in 2010. In 2011, Diana Capital held a first close for its second vehicle on €100m, though the fund remains open.

Corpfin is among the first to have received the backing of Spain's government-backed fund-of-funds, Fondo ICO Global, which made its initial round of commitments in December 2013.

The fund has a €200m target, with a €250m hard-cap. The vehicle launched in September 2013.

Acanthus assisted with the fundraise.

Investors
The vehicle's LP base includes Fondo ICO Global alongside private domestic and international institutional investors including pension funds, funds-of-funds, insurance companies and financial institutions. The European Investment Bank also made a commitment to the vehicle, alongside family offices.

Investors in the firm's previous fund include Bankinter and Caja Madrid, as well as funds managed by BBVA and insurance company Caser.

Investments
Corpfin Capital Fund IV will seek buyout and growth-capital opportunities in Spanish companies with EBITDA of more than €5m and an enterprise value of €25-200m.

The vehicle already holds a stake in FCC Logistica, a Spanish logistics business, following a buyout in March this year.

People
Carlos Lavilla is managing partner at Corpfin. 

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• Topics
• Southern Europe
• Buyout
• Spain
• Corpfin Capital