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Iberia Fundraising Pipeline - Q1 2021

Alessia Argentieri
31 March 2021

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Unquote compiles a roundup of the most notable fundraises ongoing across the Iberian market, with the latest available intel for each vehicle.

The Iberian fundraising market has been seriously affected by uncertainty and volatility in the wake of the coronavirus pandemic, and has recorded a noticeable decrease in capital collected by local GPs in recent months when compared with previous periods.

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

Among the funds that closed last 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.

Faced by a new set of complex challenges, many GPs preferred to postpone or delay their final closings, waiting for a more stable and positive environment, where LPs could regain confidence in the potential of the local market.

The start of 2021 has been equally quiet on the fundraising front, with Unquote recording just two final or first closes by Spanish and Portuguese players in the first quarter.

Nevertheless, and despite the difficulties presented by the pandemic, some funds were able to hold a first close last year and are expected to wrap up their fundraising in the coming months.

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 last year and expects to reach a final close by July 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 that generate EBITDA of €5-15m. The fund held a €200m first close in April 2020 and has raised €300m so far, the GP told Unquote. It expects to hold a new interim closing in the coming months and a final close by the end of the year.
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, and TMT sectors. The fund is expected to hold a close by the end of the year.
Portobello Structured Partnership I	Portobello Capital	2020	Minority stakes	250	Jan 2020	Portobello Structured Partnership I has a €300m hard-cap. It acquires minority stakes in mid-market companies based primarily across Spain, but also in the rest of Europe. The fund has raised around €125m so far and expects to hold a final close by the end of 2021, the GP told Unquote.
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 expects to reach a final close by the end of 2021.
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 final close by the end of the year.
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 GP told Unquote that the fund expects to hold a final close in the next quarter, surpassing its €125m target.

Venture capital funds

Fund name	Fund manager	Vintage	Strategy	Target (€m)	Launch date	Latest update
Ysios BioFund III	Ysios Capital	2020	Life sciences VC	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. The VC told Unquote that it expects to hold a final close by the summer.
Nauta Tech Invest V	Nauta Capital	2020	Seed, series-A	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 up with additional capital of up to €7m over the life of an investment. The VC told Unquote that the fund expects to hold a final close by the summer.
Seaya Ventures III	Seaya Ventures	2020	Technology VC	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. It plans to hold a final close by the end of the year.
Kibo Ventures III	Kibo Ventures	2020	Early-stage VC	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	Early-stage Iberian VC	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	Data-focused technology	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.
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.