PSG eyes second European fund

The fund’s PSG Europe II GP (Lux) vehicle was filed in November 2021, while PSG Europe II GP (Lux-A) was filed in February 2022.

US-based pension fund Pennsylvania Public School Employees Retirement System (PSERS) committed EUR 65m to the fund in December 2021, according to a publicly available investment document, having also committed to the GP’s predecessor vehicle.

According to the same publicly available investment committee document, the fund is targeting EUR 2.5bn and its hard-cap is yet to be determined.

PSG Europe was registered in November 2019. The fund held an interim close in November 2020 followed by a final close in February 2021 on its hard-cap of EUR 1.25bn, according to a statement issued by the GP at the time. LPs in the fund included state pension funds, sovereign wealth funds, family offices and high net worth individuals, according to the sae statement.

PSG’s first European fund deployed equity tickets of EUR 5m-100m, targeting companies with revenues of EUR 10m-50m that are either profitable or have a clear path to profitability, as previously reported by Unquote.

PSG Europe II expects to aim for majority control investments, writing initial equity tickets of EUR 25m for businesses with annual recuring revenues of at least EUR 10m and EBITDA of zero to EUR 10m, according to a publicly available investment presentation.

PSG aims to partner with the management teams of growing software and technology-enabled businesses, focusing on organic growth and add-on acquisitions.

The GP was previously the growth equity arm of Providence Equity Partners before establishing itself as an independent entity. The firm has offices in Boston, Kansas City and London. Managing director Dany Rammal is the firm’s head of Europe and the European deal team has 22 investment professionals.

PSG had not responded to a request for comment at the time of publication.

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