JZ Capital holds €237m first close for third fund
JZ Capital Partners has held a first close on €237m for JZI Fund III, the private equity outfit’s third fund focused on European lower-mid-cap companies.
The London-listed GP's latest fund is the successor to EuroMicrocap Fund 2010, from which three investments will be transferred to the new fund. The investments to be moved into JZI Fund III are Italian consumer finance company Fincontinuo, Spanish petrol station network Petrocorner, and Danish van leasing company SAC.
Investors
JZ committed €75m to JZI Fund III, while a further €25m was raised from co-founders David Zalaznick and Jay Jordan alongside the firm's European management team.
The remaining €137m of commitments in the first close came from institutional investors and family offices.
Investments
JZI Fund III will follow the strategy of its predecessor and mainly target lower-mid-market companies in western Europe. The fund's core markets will be Spain, Italy, the UK, Germany and the Nordic region.
The vehicle will target deals with enterprise values of €15-150m, for companies generating between €5-20m a year in EBITDA.
People
David Zalaznick and Jay Jordan are the co-founders of JZ and head Jordan/Zalaznick Advisers, which advises the JZ funds.
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