Afinum Management, a Munich-based mid-market investor, has raised a total of €280 million for its fourth buyout fund.
The firm has held a first and final close on its self-imposed hard-cap, exceeding its original €250 million target after just five months on the trail. It decided to set a hard-cap for the fund so as to remain within its mid-market sector of expertise, Afinum said in a statement.
The vehicle was largely oversubscribed, thanks to an 85 percent re-up rate and strong interest from a number of new investors, according to the firm. A total of 10 new LPs have committed to the fund, which has standard market terms.
It is due to continue investing in mid-market companies within the German-speaking area, aiming for stakes in companies with a turnover in the region of €25 million to €150 million.
Afinum’s previous fund, a 2007 vintage, reached a final close on €230 million. It is close to being fully invested, with a few potential add-on acquisitions expected during the rest of its lifespan. Afinum’s previous vehicles, a 2000 vintage with commitments of €94 million and a 2003 vintage that closed on €140 million, have now been fully liquidated.
Afinum was founded in 2000 by Thomas Bühler and Gernot Eisinger, the firm’s two current managing partners. With offices in Munich, Zurich, Vienna and Hong Kong, it counts 17 employees and has eight companies in its portfolio.