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Corpfin targets €200m for latest fund

The Madrid-based firm has recently started to raise its fourth fund and plans to hold an €80m first close by the end of the year, according to several sources familiar with the matter.

Corpfin Capital, a Spanish firm, is currently in market attempting to raise €200 million for its fourth fund, according to several sources familiar with the matter. 

The firm has been speaking to investors and has secured some “good, verbal commitments” from both Spanish investors and international LPs, including an American investor, one source told Private Equity International

Corpfin hopes to hold an €80 million first close by the end of the year, the source added. 

The firm considered coming to market last year, but decided to delay its fundraising efforts because of the turmoil in the Spanish economy and the banking system, another source said. 

However, it is understood the firm felt the climate had improved this year and therefore decided to come to the fundraising market. In May, Corpfin hired Acanthus Advisers to place the fund. 

Both Corpfin and Acanthus declined to comment. 

Corpfin, established in 1990, invests in companies with growth potential in Spain. Since its inception, Corpfin has invested in 30 companies and divested 14 businesses, which has resulted in a combined 22 percent IRR and a return multiple of 2.3x, according to the firm’s website. 

Corpfin’s latest fund will be similar to its prior fund, a €223 million 2006 vintage. It is understood this fund has a total value to paid-in (TVPI) multiple or a money multiple of 1.4x. Corpfin has made 10 investments from this vehicle, two of which have been exited. One of them, Duplex Elevación, was divested last month, generating a 2.5x return. The other business, Restauravia, was divested in 2011, netting the firm a 4x return. 

Corpfin’s second fund was a € 135 million, 2000 vintage. The firm’s maiden fund, Corpfin Capital Fund I closed in 1996 on €26 million. 

LPs in Corpfin’s third fund included: Armundi Private Equity Funds, Banco Bilbao Vizcaya Argentaria, Bankia, Bankinter, BBVA Fondo de Empleo (Banco Bilbao Vizcaya Argentaria), Caja Laboral, Caser Seguros, European Investment Fund, RWB Private Capital Fonds, Scottish Widows Investment Partnership, SL Capital Partners, Sofina SA and West Midlands Pension Fund, according to PEI’s Research and Analytics division