Gyrus closes Investment Programme on EUR 430m

The programme held an interim close on EUR 250m in Q2, as reported. Weil Gotshal & Manges and Carey Olsen were advising on the fundraise.

The Gyrus Investment Programme comprises the Gyrus Principal Fund and its co-investment programme, which will be the second of Gyrus's deal-by-deal LP co-investment Cortex funds.

The Gyrus Investment Programme was initially expected to have a hard-cap of EUR 400m, with each vehicle expected to raise around EUR 200m.

Gyrus Principal Fund was registered in October 2019, according to Unquote Data, and was launched in 2020.

"We launched and raised the fund during the Covid crisis and – despite the twin challenges of it being a first-time fund and during an unexpected pandemic – we are delighted with what we have achieved and hugely appreciative of all those who helped us get here," said Gyrus co-founder and managing partner Guy Semmens.

Gyrus has previously invested via the Gyrus 1 and Cortex vehicles, which were raised in 2019 and invested in DuPont Sustainable Solutions, and Essential Pharma. The first Cortex Fund is an open-ended vehicle that raised EUR 240m in 2019, backing mid-market companies on a deal-by-deal basis, as reported.

Investors
Gyrus's first Cortex fund was backed by institutional investors including funds-of-funds, insurance companies and pension funds. At the time of the May 2021 interim close, Gyrus Investment Programme had received around half of its commitments from funds-of-funds. Around 35-40% of the fund's commitments were from European institutional investors, such as pension funds. The fund is also backed by several family offices.

Investments
Gyrus Investment Programme will focus on healthcare, sustainability and technology investments, targeting complex deal situations. Gyrus invests in companies with enterprise values of around EUR 50m-500m and deploys equity tickets in the EUR 20m-100m range via its strategy. It aims to make seven platform investments in total.

The firm has completed four platform acquisitions (three carve-outs and one founder transition) to date. Most recently, Gyrus carved out PwC Italia's consulting business. Its completed deals also include the carve-out of Corcym – a medical device company dedicated to addressing structural heart disease – from Nasdaq-listed LivaNova.

Gyrus expects the programme to be fully deployed within 12 months, and will thus target a launch for its second fund in 2022.

People
Gyrus Capital – Guy Semmens, Robert Watson (managing partners, co-founders).

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