Capital D to launch next fund in Q4

Katharine Hidalgo
20 August 2020

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Capital D is to launch its next fund in Q4.

While co-founder Stephan Lobmeyr declined to comment on the size of the fund, he told Unquote it would target six to eight portfolio companies at an average ticket of $20-60m, denoting a fund size of around €200-300m.

While the firm has previously only had European LPs, Lobmeyr told Unquote the next firm will target LPs in the US.

The firm is currently investing from a concentrated fund and its side vehicle, which both closed on €100m in October 2018; the vehicles invest in technology-enabled mid-market companies across Europe. The funds have a mandate for three companies and Capital D is currently actively reviewing companies in its pipeline to acquire the funds' third and final portfolio company.

In October 2019, the firm took a majority stake in Vonq and, in July 2020, the firm sold a 75% stake in Invincible Brands, though Capital D will continue to work with the company to grow it as it remains invested.

Lobmeyr said: "Our existing LPs are very satisfied as the Invincible Brands deal has virtually already paid back the whole fund. Our strategy has had a lot of interest and, for those LPs reluctant to invest in debut funds, they have now seen the investments we've made and are interested."