Silverfleet holds first close on €110m for smaller fund

The fund has set a target of €250m, which it expects to reach before the end of the year.

Silverfleet held a final close for its mid-market fund Silverfleet Capital Partners II on €870m in June 2015, which is currently deployed across nine investments in businesses based in the UK, Germany, France and Denmark.

The new fund will target the same regions as the mid-market vehicle but will invest in smaller companies. Silverfleet recruited Alex Brebbia from UK-based lower-mid-market buyout firm Spring Ventures last year.

The new strategy mirrors moves by its competitors to raise smaller funds, including Triton Partners, IK Investment Partners and Inflexion Private Equity.

Investors
European Investment Fund has backed the vehicle, according to publicly available documents.

Investments
The fund will invest 50% of its capital in EU countries, pursuing roughly the same types of companies as its larger funds but in a smaller size bracket (enterprise value less than €75m).

People
Silverfleet Capital – David MacKenzie (partner).

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