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Unquote
  • Funds

Iberia Fundraising Pipeline - Q4 2020

Deals Pipeline
Despite the challenges of the pandemic, 11 funds reached a first close this year
  • Alessia Argentieri
  • Alessia Argentieri
  • 14 December 2020
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Unquote compiles a roundup of the most notable fundraises ongoing across the Iberian market in the buyout, venture and debt segments, with the latest available intel for each vehicle.

The Iberian fundraising market has been facing complex challenges this year, due to uncertainty and volatility spread by the pandemic. Many GPs have experienced severe difficulties in strengthening and expanding their network of investors and noticed a decrease in LPs' interest, and a drop in their confidence in the stability of the local economy.

The region has recorded six final closes in 2020, collecting €1bn in aggregate capital. This represents less than half the amount raised in 2019, when local GPs collected €2.2bn across nine final closes.

Among the funds that were able to close this year were GPF Capital III and Nexxus Iberia Private Equity Fund I, which held their final closings on €300m and €170m, respectively, just before the outbreak erupted.

Despite the challenges of the pandemic, 11 funds reached a first close this year, including MCH Iberian Capital Fund V, and in the venture capital space Kibo Ventures III and Nauta Tech Invest V, among others.

The below is a selection of funds currently on the road, drawing on intelligence from Unquote Data and Unquote.com.

Buyout & generalist vehicles

Fund name Fund manager Vintage Strategy Target (€m) Launch date Latest update
Magnum Capital III Magnum Capital Industrial Partners  2020 Mid-market buyouts 400

Dec 2019

Magnum Capital III acquires majority stakes in Iberian companies operating primarily in the industrial and services sectors. The fund held two interim closings this year and expects to reach a final close in the first quarter of 2021, the GP told Unquote.

MCH Iberian Capital V MCH Private Equity 2020 Mid-market buyouts 400 Apr
2019

MCH Iberian Capital V invests in medium-sized companies headquartered in the Iberian peninsula, generating EBITDA of €5-15m. The fund held a €200m first close in April 2020 and expects to reach its final close in the coming months, the GP told Unquote.

Abac Sustainable Value II Abac Capital  n/d Mid-market buyouts 350 Jan 2020

Abac Sustainable Value II acquires majority stakes in Spanish medium-sized companies operating in the consumer, energy, industrials, technology, media and telecommunications sectors. The GP told Unquote that it plans to hold a first close in the coming weeks.

Portobello Structured Partnership I Portobello Capital 2020 Minority stakes 250 Jan 2020

Portobello Structured Partnership I has a €300m hard-cap and acquires minority stakes in mid-market companies based primarily across Spain, but also in the rest of Europe. Target companies generate EBITDA in the €10-50m range. The GP told Unquote it expects to hold a close in the coming months.

GED VI España GED Capital   2019 Mid-market buyouts 175 Jan 2019

GED VI España held a €100m first close in March 2019. It deploys equity tickets of €15-20m to acquire primarily majority but also minority stakes via buyouts and growth capital deals. The GP told Unquote that the fund is expected to reach a final close next year.

Talde Capital Crecimiento II Talde Private Equity 2020

Mid-market
growth deals

150 Sep 2020

Talde Capital Crecimiento II  has raised around €55m so far. The GP plans to hold a first close between December 2020 and January 2021, and a final close in around one year, it told Unquote.

Suma Capital Growth II Suma Capital 2019

Mid-market
growth deals

125 Nov 2019

Suma Capital Growth II held a €65m first close in December 2019. The vehicle targets businesses with high-growth potential that are ESG-focused, operating in the niche manufacturing, specialised retail, business process outsourcing and e-commerce sectors. The fund is expected to hold a final close in Q1 2021, the GP told Unquote. 


Venture capital funds

Fund name Fund manager Vintage Strategy Target (€m) Launch date Latest update
Ysios BioFund III Ysios Capital  2020 Venture capital 200 Jan 2020

Ysios BioFund III held a €155m first close in June 2020. The fund provides financing to early- and mid-stage life sciences companies that develop disruptive therapeutic products and technologies.

Nauta Tech Invest V Nauta Capital 2020 Venture capital 160 Dec 2019

Nauta Tech Invest V held a €120m first close in July 2020. The fund deploys tickets of €1-5m in seed and series-A rounds, with the ability to follow-on with additional capital of up to €7m over the life of an investment.

Seaya Ventures III Seaya Ventures 2020 Venture capital 125 Sep 2020

Seaya Ventures III held an €85m first close in October 2020. The fund invests in technology companies based across southern Europe, with the aim of supporting their growth and boosting their international expansion.

Kibo Ventures III

Kibo Ventures

2020 Venture capital 120 Jul 2019

Kibo Ventures III held a first close in October 2020. It leads or co-leads pre-series-A and series-A rounds in European technology companies, primarily based in Spain and Portugal.

K Fund II K Fund 2020 Venture capital 70 Jun 2020

K Fund II was launched in June 2020 with a €70m target. The vehicle invests in early-stage Iberian startups.

Faber Tech II Faber Ventures 2020 Venture capital 30 Jun 2020

Faber Tech II held a first close on €20.5m in November 2020. The fund invests in early-stage rounds, targeting data-driven startups based across southern Europe – primarily Iberia – with the aim of supporting their international expansion.


Debt vehicles

Fund name Fund manager Vintage Strategy Target (€m) Launch date Latest update
Oquendo IV Oquendo Capital   2020 Direct lending 250 Jun 2020

Oquendo Capital launched Oquendo IV in partnership with Banca March in June 2020. The fund invests in Spanish mid-market companies, deploying tickets of €5-25m.

Gaea Inversion Inveready 2020 Hybrid instruments 110 Sep 2019

Gaea Inversion held a €55m first close in January 2020. The fund deploys equity as well as hybrid instruments and debt facilities of €2-20m.

Talde Deuda Alternativa Talde Private Equity  2019 Direct lending 100 Jan 2019

Talde Deuda Alternativa has raised €65m so far. The fund invests tickets of €5-15m in mid-market companies.

 

Main Capital Fund I Main Capital  2020 Direct lending 250  May 2018

Main Capital is currently fundraising for its first direct lending fund, Main Capital Fund I, which was launched in May 2018 with a €250m target.

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  • Topics
  • Funds
  • Buyout
  • Venture
  • Debt
  • Fundraising Pipeline
  • Spain
  • Portugal
  • MCH Private Equity
  • Magnum Capital Industrial Partners
  • Portobello Capital
  • Suma Capital
  • GED Capital
  • Nauta Capital
  • Ysios Capital
  • Oquendo Capital

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