N+1 holds €400m first close for third fund

Launched in July 2015, the fund is expected to hold a second and final close on its €450m target later this year.

Placement agent Axon Partners led the fundraising effort, while N+1's private banking division also supported the effort. King & Wood Mallesons acted as legal adviser.

Investors
N+1 committed 9% of the funds capital and the N+1 management team provided an additional 1%. Moreover, the fund received a €100m commitment from Spain's Centre for the Development of Industrial Technology and €40m from the European Investment Bank.

French fund-of-funds Access Capital, other international institutional investors and Spanish family offices also committed to the fund.

According to a source familiar with the fundraising process, fund-of-funds Fond-ICO may allocate up to €50m to the fund, contingent on the vehicle achieving certain terms and conditions and fundraising targets by final close.

Investments
According to the unquote" source, the vehicle aims to acquire majority stakes in 8-10 Spanish and Portuguese upper-mid-market companies, to boost their internationalisation process. Investment periods will be industry standard.

The fund mainly targets companies operating in the technology and industrial sectors with yearly EBITDA of up to €40m and enterprise values of €80-300m, investing equity tickets in the €35-75m bracket.

People
N+1 Private Equity – Gonzalo Rivera (CEO).

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