Capvis set to launch €500m fundraising

Capvis Equity Partners, a Swiss buyout firm, is looking to capitalise on a strong year of deal-making by raising a new €500 million fund.

Capvis Equity Partners, the Switzerland-based buyout firm, is about to start raising its third fund, which is believed to be targeting €500 million.

An investor told PrivateEquityOnline that he was expecting to receive a fundraising prospectus from the Swiss firm “any day now”. The fund, Capvis III, will be the firm’s second as an independent entity, and its biggest ever. It is expected to have an initial target of €500 million, according to the investor.

The fundraising comes on the back of a strong year for Capvis in its local markets. The firm completed a string of new deals, buying IT services group ACP and kitchen products retailer WMF amongst others, and was also active on the exit side, with the highlight being the flotation of automotive supplier Polytec on the Austrian stock market.

In all, the firm completed no fewer than six acquisitions and four exits, including – for the first time ever – at least one of each in all three of its core markets: Switzerland, Austria and Germany.

Capvis started life in 1990 as the private equity division of the Swiss Bank Corporation. In 1999 the division became Capvis Equity Partners, but remained a semi-captive fund, with a cornerstone investment from Swiss bank UBS. In 2003 it became fully independent and started spending a €340 million fund, Capvis II.