Avedon Capital Partners, a Netherlands-based firm, has held a €190 million final close on its first independent fund, NIBC Growth Capital Fund II.
The firm, which spun out from NIBC Bank in 2011, has been raising for more than two years and closed just below its €200 million target.
It held a €160 million close in May 2013, following a €100 million first close in September 2011. For its first close, Avedon received backing from NIBC, the European Investment Fund and Goldman Sachs Asset Management, which led the spin-out from NIBC Bank.
As part of that spin-out deal, Goldman Sachs Asset Management acquired a part of NIBC Merchant Banking Fund IB, a fully invested fund, which continued to be managed by the Avedon team.
Avedon attracted commitments from Adveq, Access Capital Partners and Macquarie Group, Gerard Burgers, one of the firm's managing partner told Private Equity International. The story was first reported by Dutch financial daily Het Financieele Dagblad.
Avedon hired Lazard to place the fund, Burgers added.
Avedon has invested just over a quarter of the fund, Burgers said, by investing in Tesch Inkasso, a German debt collection specialist, and Seebach, a leading German filtration company, for which some LPs added co-investment capital. In July, Avedon also acquired a stake in international toilet store operator 2theloo.
Last year, Avedon sold BWise and Financial Architects, which generated returns of more than 4x invested capital, according to Avedon.
Avedon invests in the Benelux and Germany. It provides growth capital to small and mid-market companies with an enterprise value ranging between €30 million and €300 million. The firm has more than €500 million of total assets under management.
While Avedon has joined Egeria, Waterland, Gilde Equity Management and H2 Equity Partners in having raised capital in recent years for the Benelux, fundraising remains tough. Dutch GPs raised €1.3 billion last year, down from €2.3 billion in 2011. Buyout activity equally dropped substantially in 2012, with deals totalling €1.3 billion, decreasing from €2.1 billion in 2011, according to a recent report by NVP, the Dutch private equity industry body.