JZ Capital holds €400m final close for third fund

Mikkel Stern-Peltz
26 January 2016

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JZ Capital Partners has held a second and final closing on тЌ400m for its JZI Fund III, exceeding its тЌ350m target.

The final close was reached five months after the GP held a first close on €237m for the vehicle, a successor to its EuroMicrocap Fund 2010.

Investors
The vehicle's commitments came from North American and European institutional investors and family offices, as well as backers of EuroMicrocap Fund 2010.

At first close, JZI Fund III received a €75m commitment from JZ Capital Partners, a London-listed fund managed by Jordan/Zalaznick Advisers – the advisory firm of JZ Capital founders Jay Jordan and David Zalaznick. The two founders personally committed €25m to their third vehicle.

Investments
JZI Fund III will mainly target lower-mid-cap companies in western Europe with yearly EBITDA of €5-20m and enterprise values of €15-150m.

Historically, JZ has invested predominantly in financial services, business process outsourcing and niche manufacturers. The GP said it continues to see good opportunities in these sectors.

At the time of close, JZI Fund III had invested in five European companies: Danish van leasing company SAC; Spain-headquartered petrol station group Petrocorner; Italian consumer finance business Fincontinuo; UK-based auto insurer Collingwood; and consumer loans company My Lender in Finland.

People
Jordan/Zalaznick Advisers – David Zalaznick (founder).