Former-Carlyle team holds €115m close for debut Melior fund

The fund is targeting €175m with a €200m hard-cap, with a final close expected by the end of 2020, according to Unquote Data.

The fund is domiciled in Luxembourg. A source close to the situation told Unquote that the fund's management fees, carry and hurdle rate are in accordance with market standards.

The source said: "The coronavirus crisis did not impact the fundraise significantly, though the firm spent less time on sites with more Zoom calls. LPs seem to be adapting to the new normal."

Former Carlyle Group managing directors Jonathan Cosgrave and Peter Garvey previously co-led Carlyle's investment activities in Ireland and will continue to manage the remaining Carlyle Cardinal Ireland Fund (CCI) portfolio companies on behalf of The Carlyle Group. The fund's investment period finished at the end of 2019. It closed on €292m in 2014 and made 11 investments; it has made four realisations to date, according to Unquote Data. The fund writes equity cheques of €2-50m.

Asante Capital is acting as placement agent, while Travers Smith is providing legal advice and KPMG is also advising the firm.

Investors
LPs in the fund include the Bank of Ireland, the European Investment Fund and Ireland Strategic Investment Fund, among others. The source said: "There have been some very supportive existing LPs and Carlyle's backing is key. LPs liked the combination of a proven world-class team coming out of Carlyle playing in an undercompetitive local market."

Unquote understands the fund has been garnering interest from investors from both Europe and North America. The fund has a minimum commitment of €10m.

The GP commitment will be 3-5% of the fund depending on the outcome.

Investments
Melior's debut fund will invest in small and medium-sized buyout and growth equity deals in Ireland, and will have a focus on founder-owned businesses. Unquote understands that the firm has a number of deals well advanced. The source said the firm can point to many instances of making significant returns for LPs and management teams in the past.

The fund will make 8-10 investments and will write equity cheques of €10-20m for investments with an expected holding period of four to five years.

People
Melior Equity Partners – Peter Garvey (founder).

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