Corpfin nears first close on Fund IV

The Madrid-based firm is aiming to wrap up fundraising on €200m this year. 

Madrid-based Corpfin Capital is nearing a first close on its fourth fund, which has a €200 million target, according to a statement.

The firm declined to comment on the first close amount, though sources previously told Private Equity International Corpfin planned to raise €80 million by the first close, which is expected to take place by the end of March. Corpfin launched its Fund IV last summer and is expecting to hold a final close before the end of the year.

So far, Corpfin’s Fund IV has attracted commitments from Spanish and international institutional investors, mainly pension funds, funds of funds, insurance companies and Fond-ICO, a fund of fund backed by the Spanish government, it said in the statement. 

Last week, Corpfin agreed to buy FCC Logistics, a Spanish logistics company, for €32 million. The transaction, which is subject to the relevant approvals from the National Market and Skills Commission, will be the first investment from Fund IV, according to the statement. It is understood the completion of the deal and the first close will be approximately at the same time.  

Corpfin invests in companies with growth potential in Spain. Since its inception, the firm has invested in 30 companies and divested 14 businesses, which have resulted in a combined 22 percent IRR and a return multiple of 2.3x, PEI previously reported.

Corpfin’s latest fund will be similar to its prior fund, a €223 million, 2006 vintage. This fund had a total value to paid-in multiple of 1.4x, PEI reported last August. The firm’s maiden fund, Corpfin Capital Fund I, closed in 1996 on €26 million.  

Corpfin is not the only firm aiming to raise capital for Spain. Portobello Capital is also currently in market attempting to raise €300 million for its third fund. Abac Capital, an Apax spin out, is also attempting to raise capital to invest in Spain. The firm’s debut vehicle, the Abac Solutions I Fund, will “provide flexible solutions to special situations for Spanish mid-sized businesses”, according to the firm’s website.