GED buys own portfolio with tail-end fund

This is the sixth fund raised by the Spanish and south east European mid-market private equity firm, and the first in a series of direct secondaries funds. The transaction was made possible in part by proceeds from the IPO of Corporation Dermoestetica and the exit from Rioglass Solar, which yielded a 9x return.

Legal advisers on the fund included Isabel Rodriguez and Ildefonso Allier of SJ Berwin, and Ignacio de Andrés and Santiago Solans of DAYA.

Investments
GED has acquired a portfolio of five companies from GED Iberian. The GP plans to increase its stakes in the companies and invest in add-ons. GED focuses on mid-market companies.

Investors
Investors in GED Iberian have been given the option of liquidity, though several chose to stay invested. The GP reported that more than 50% were international investors.

People
GED's transaction team included managing partners Felix Guerrero, Enrique Centelles and Javier Echarri, and chief investment officer Rafael López.

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• Topics
• Secondaries
• Southern Europe
• Spain
• SJ Berwin