WHEB closes €140m fund and rebrands as Alpina

The rebranding comes after partners in WHEB Group's private equity arm bought out WHEB's stake in the management firm. The independent entity is now a fully owner-managed investment manager. Alpina will continue to manage all WHEB Partners' private equity funds.

Following the rebranding, the fund was also renamed from Green Growth Fund II to Alpina Partners Fund. The GP's other funds were not renamed. Alpina did not use a placement agent. Its legal representation in Germany was Pöllath + Partners, and Macfarlanes in the UK.

The vehicle has a standard lifespan of 10+2 years and is domiciled onshore in the UK.

The new fund is supported by the European Union through the Competitiveness and Innovation Framework Programme (CIP) and by British Business Bank.

Investors
Aplina won over a group of 30 investors. Previous LPs European Investment Fund, British Business Bank, Hermes GPE and investors managed by RobecoSAM recommitted to this vehicle. New investors include Access Capital, Akina, BMO Global Asset Management, M&G Private Funds Investment and SWEN.

Unnamed institutional investors and family offices also provided capital.

Investment
With the new fund, the firm will continue with its existing strategy of investing in growth capital and lower-mid-market buyout deals in its target sectors of software, electronics, materials, industrial processes and mechanical engineering. The manager will also maintain its focus on businesses with environmental, social and governance credentials, seeking to invest around €10m in companies with minimum revenues of €5m.

Alpina Partners Fund has acquired five companies so far. The first was Stuttgart-based carbon fibre composite materials producer UBC in February 2014, followed by two more German companies in the sector: Dolan and European Carbon Fiber. The GP also bought Irish 3D printer business Mcor Technologies in June 2014 and German software and data service provider Oxaion in 2015.

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• Topics
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• UK / Ireland
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• WHEB Partners