BeCapital closes maiden fund on €150m

Launched in early 2010, the 10-year fund held a first close on €80.3m in June 2010. BeCapital stated the fund had been met with sufficient interest from LPs to comfortably exceed the initial target.

Management fee, hurdle and carry have been set at the industry standard of 2%, 8% and 20% respectively. No placement agent worked for the fund, but Clifford Chance LLP acted as legal and tax adviser.

Based in Luxembourg, BeCapital IA is a new actor in private equity initiated by cleantech consulting agency BeCitizen, private equity firm Cobepa and La Compagnie Benjamin de Rothschild. It was specifically created to manage BeCapital Private Equity SCA SICAR.

Investors
The vehicle is funded by two major investors: Cobepa has invested €30m, while several entities of Edmond de Rothschild have provided €15m. The remaining contributors include various European individuals, family-owned businesses and family offices.

BeCapital stated its LP base reflected current trends in the fundraising market, with fewer institutionals such as pension funds and insurance companies willing to back first-time funds. In addition, the firm felt it will be able to leverage its investors' networks to source deals and support the growth of its portfolio companies.

Investments
BeCapital Private Equity SCA SICAR will provide expansion capital for SMEs with a cleantech angle. The sectors it targets include alternative energy, construction & materials, industrial goods & services and farming & fishing.

Each investment will be worth around €10m; the fund is aiming to complete between 10 and 15 deals during its lifetime and will also provide follow-on financing for its portfolio companies. The typical holding period is expected to be between five and seven years.

The fund has already made four investments. It provided expansion capital for US-based Northern Power Systems (wind turbines) and British company Helveta (tracking of agricultural goods). It also acquired a majority stake in French producer of plant protection products Goëmar and invested in Swiss fiber insulations provider Pavatex.

People
The fund is managed by Alexandre Schmitz, leading a team of three investment specialists including Laurent Vermer and Lionel Screiber. BeCapital is currently looking to strengthen its team - its is aiming to hire a senior investment professional and also wants to develop a more junior role.

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