Investindustrial closes sixth fund on €2bn hard-cap

Amedeo Goria
16 February 2016

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Investindustrial has held a final close on the €2bn hard-cap of its sixth private equity fund Investindustrial VI, three months after launch.

According to senior principal Carl Nauckhoff, the vehicle was oversubscribed by €4bn.

The fund will follow the industry standards with regards to lifespan, management fees, carry and hurdle, and will consider co-investment opportunities for its LPs.

Lazard acted as placement agent and Paul Hastings acted as legal advisers.

Investors
Launched in November 2015 and targeting €1.8bn, the new fund raised capital from 47 investors. Four fifths of the LPs had already invested in Investindustrial's previous vehicles, with the rest of the capital coming from endowments, foundations, sovereign wealth funds, pension funds and insurance companies. Of the committed capital, 54% comes from Europe, 41% from the US and the remaining 5% from the rest of the world.

Investments
The fund targets controlling stakes in Italian, Spanish, Portuguese and Swiss companies with enterprise values of around €500m, across three main sectors: consumer goods, industrials and services. Around 16-20% of the capital invested will be used for follow-on rounds.

The GP plans to close the fund's first two investments in Spain and Italy this year and is expecting maximum returns of 3.5x money on its investments. Nauckhoff said the expected level of return is in line with the risk profile requested by the fund's LPs.

People
Investindustrial – Andrea Bonomi (managing partner); Carl Nauckhoff (senior principal, head of investor relations).