Germany-based distressed specialist CMP Capital Management Partners has held a first and final close on CMP German Opportunity Fund III on its €250 million hard-cap, according to the firm.
Like its predecessors, CMP GOF III will target equity and equity-related investments in Mittelstand companies in special or distressed situations in German-speaking Europe, focusing on mature businesses with liquidity, operational or balance sheet problems but with “sound core business fundamentals”, the firm said.
CMP GOF II closed on its hard-cap of €175 million, above its €150 million target, in early 2011 after eight months in market, as reported by Private Equity International. Its maiden fund, raised after the firm was established in 2000, closed on €125 million, according to PEI Research & Analytics.
Fund III attracted investment from Europe, North America and Asia, receiving particularly strong support from North America, which accounted for 40 percent of the capital raised. German investors accounted for 20 percent.
“We were privileged to receive both a high level of support from our existing investors whilst also being able to welcome a select number of new, high-quality institutional investors,” CMP partners Kai Brandes and Ludger Vonnahme said in a statement.
“CMP has a successful track record of its investment professionals assuming the executive responsibilities of portfolio companies to drive the turnaround from within and we look forward to continuing this successful investment strategy with CMP GOF III.”
Campbell Lutyens acted as global placement agent for the fund. P+P Pöllath + Partners acted as German legal advisors.