Anacacia raises A$125m for second vehicle

The Australian private equity firm has made a second close on its latest fund, exceeding its original target of A$100m.

Small- to mid-cap private equity investor Anacacia Capital has made a second close on its latest Australia-focused vehicle, leaving the fund open for future investors over the coming months, according to a company statement.

So far Anacacia Fund II has raised A$125 million (€101 million; $130 million), exceeding its A$100 million target, managing director, Jeremy Samuel, told PE Asia. The firm made an $80 million first close in July this year and expects to reach its hard-cap of A$150 million.

Samuel explained that the majority of the fund’s commitments came from domestic LPs in Australia, with a substantial minority from foreign funds of funds and family offices. Fund II garnered more international capital than its predecessor, but Samuel would not disclose exact proportions.

Anacacia is currently exiting its debut fund investments, having returned around 90 percent of capital to investors, Samuel revealed.

The firm has six remaining unrealised businesses from Fund I, including Rafferty’s Garden, which is in the process of being sold to US-listed The Heinz Group, a source with knowledge of the matter told PE Asia. Samuel declined to comment on the sale.

The firm has not yet made any investments from Fund II, but plans to make its maiden deal in early 2013, Samuel said. Anacacia targets established Australia-based companies with annual revenues of between A$20 million and A$100 million. The firm launched its first private equity vehicle in 2007.