Silverfleet calls off fundraise for third fund

"Due to market circumstances, Silverfleet Capital confirms that it will no longer be raising a flagship fund and will focus all its future efforts on follow-on investments, value creation and realisation within the existing portfolio of assets, which continues to deliver strong performance," a spokesperson for the GP told Unquote when approached for comment.

The GP registered Silverfleet Capital Partners III in July 2019, according to Unquote Data. The vehicle was expected to follow the strategy of its predecessor, backing mid-market businesses valued in the EUR 25m-300m region in the UK and Ireland, the DACH region, France, Benelux and the Nordic countries.

"Existing portfolio companies will not be affected by the decision and they will continue to receive the full support of a strong and experienced team at the company's offices in London and Munich," the spokesperson added.

The GP's recent deals include the acquisition of France-based order management systems software OneStock, which the GP acquired via its lower-mid-market, EUR 200m, 2018-vintage Silverfleet European Development Fund. 

The GP also backed the merger of two IT consultancies in March 2021: Bulgaria-based Bulpros and Germany-based EC4U.

Silverfleet has 11 remaining portfolio companies across its Development Fund and flagship strategies, with the EUR 420m trade sale of surface finishing chemicals company Coventya expected to be completed after the summer. The exit is expected to deliver returns of 2.6x money.

In November 2020, Silverfleet's medical workwear company 7Days was acquired by Chequers Capital and Paragon Partners.

Founded in 1990, Silverfleet has offices in London and Munich. The GP hired TowerBrook's Christian Süß as a partner in its Munich team in July 2020, subsequently promoting London-based Robert Knight and Munich-based Ricardo Sommer to partner in April 2020.

The firm also has a presence in Amsterdam in the form of Benelux co-head Erik Fuchs.

The GP's first fund held a final close in April 2009 on EUR 665m.

Silverfleet Capital Partners II held a final close in June 2015 on EUR 870m. The fund has made 12 platform investments, according to Unquote Data, of which three have been realised. LPs in the fund include institutional investors from the US, Asia and Europe, according to Unquote Data, ranging from fund-of-funds managers such as Schroders Capital to US public and private pension funds. The vehicle was 80% deployed as of October 2020, as reported by Unquote.

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