Find out all the latest news about the new funds that have been launched so far in 2018: Miura Private Equity closes its third fund after raising €330M, Inveready extends its partnership with the EIF to its new fund and Capzanine lands in Spain.
Find out all the latest news on the new funds launched so far in 2018: Miura Private Equity closes its third fund after raising €330M, Inveready extends its alliance with the EIF to its new fund and Capzanine lands in Spain.
Miura Private Equity has closed its third fund, Miura Fund III, with a size of €330M, coinciding with the firm's tenth anniversary.
The new fund has a broad and global investor base, having been subscribed by American, European and Asian institutional investors, including insurance companies, pension funds, university endowments and funds of funds, complemented by local family offices.
The firm now manages assets valued at more than €700M through its two active funds, the €200M Miura Fund II, created in 2014, and the newly created €330M Miura Fund III, in addition to its two co-investment vehicles.
Since 2008 Miura Private Equity has invested over €800M in more than 30 companies in the industrial, retail, food, education and services sectors and plans to maintain its sector strategy in line with previous funds.
European Investment Fund (EIF) and Inveready Asset Management SGEIC have added the Inveready Convertible Finance I FCR fund to the InnovFin programme to increase access to finance for companies listed on alternative markets in Continental Europe. This operation benefits from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.
The new guarantee agreement will allow Inveready Convertible Finance to provide €20M in convertible bonds to European SMEs over the next 2 years. The Spanish fund will focus on companies listed on markets such as MAB, Euronext Growth and AIM Italy, among other alternative markets in Europe, filling a market gap between equity investors and bank financing.
Inveready Convertible Finance targets expansion-stage companies with high credit risk that limits their access to the bank financing needed to fund their ambitious growth plans.
The EIF guarantee is provided under the "EU InnovFin funding for innovators" initiative with financial support from Horizon 2020, the Framework Programme for Research and Innovation. The agreement would not have been possible so soon without the backing of the Investment Plan.
Capzanine has just demonstrated that Spain remains on the radar of international investors. The French private equity and private debt fund manager, with €2,500M in assets under management, has made its first investment in Spain. It has done so in MBA, the Asturian company owned by the private equity manager from Alantra specialising in the distribution of orthopaedic implants and complementary medical devices, to which it has injected €25m through its debt fund, according to company sources.
This transaction will allow MBA to cancel the syndicated bank loan, led by Société Générale and also involving Germany's IKB, and swap it for the Capzanine financing, which has a five-year maturity and does not require repayments until then.
In addition, the healthcare company raises funds to tackle its growth plan. With its funding in its pocket, MBA faces a new phase based on its presence in Spain, Italy and Portugal, after reorienting its strategy in the UK and Belgian markets, from which it has decided to exit.