Espiga holds first close on €100m

The GP stated it expected to hold a final close for the vehicle in H1 2015.

Espiga did not use a placement agent at this stage of the fundraising process.

The announcement is a further sign of the strengthening Spanish market – click here to read analysis from unquote" on the effect of increasing competition for assets within the country. 

Other recent fundraises in Spain include Portobello Capital holding a €375m final close for its third fund in September and Barcelona-based Miura Private Equity holding a final close for its second fund on its €200m hard-cap. The following month, Aurelius announced the opening of its Madrid office. EQT is also set to open a small office in the city for its infrastructure business next year.

Investments
Espiga Equity Fund will target Spanish assets in the lower mid-market with EBITDA of between €2-8m. It will seek to make between 8-12 buyout and development capital investments across various sectors.

Investors
Spain’s €1.2bn fund-of-funds Fondo ICO Global was among those to have made contributions to the fund. It is understood European Investment Fund and existing investor Grupo Caja Rural also made commitments.

People
Carlos Lomas is a partner at Espiga.

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• Topics
• Buyout
• Southern Europe
• Spain