Capvis Equity Partners, the Swiss private equity firm, has held an above-target closing on its second mid-market buyout fund, raising E340m.
Capvis Equity II, which had an original target of E300m, was substantially oversubscribed, according to a company statement, and included commitments from Europe, North America and Asia.
In total, commitments were secured from 19 institutional investors. The firm has not disclosed the details of investors in the fund, although UBS, which made a 40 per cent commitment to Fund I, committed less than ten per cent of the fund's capital. In terms of diversification among investor type, 35 per cent of the contributions came from public and corporate pension funds, 34 per cent from financial institutions and 31 per cent from funds of funds.
“To close a fund above target in this environment is very pleasing,” said Daniel Flaig, a partner at Capvis. “Many of our previous investors increased their commitment to the fund.”
Capvis takes controlling equity interests and works as an active partner with management teams in company spin-offs, succession solutions and shareholder buyouts of leading mid-sized companies, typically with E50-300m in enterprise value, in the Northern Alps region (Switzerland, Austria and Southern Germany).
Capvis was advised by Mvision, the London-based private equity fund placement group.
“We’re optimistic about the opportunities in the region,” said Flaig. “The mid-market is an interesting and attractive market segment. [The Nothern Alps Region] is very active economically with a significant number of mid-market companies.”
The current team of six partners comprises Alexander Krebs, Yves Dudli, Rolf Friedli, Daniel Flaig, Tobias Ursprung and Felix Rohner (CFO). Rudolf Lyner and Bernard Steck are retiring as partners, but will continue to support the team. Alexander Krebs has taken over the role as team head from Rudolf Lyner.
The business dates back to 1990 when it was a division of Swiss Bank Corporation and then SBC Equity Partners, a fully owned subsidiary of SBC. In 1999, it was spun out into a semi-captive organisation, Capvis Equity Partners, with UBS retaining a minority stake in the investment advisor. In October 2002, the team bought out UBS’ share in Capvis Equity Partners and now owns 100 per cent of the company.