Genesis Capital, a private equity firm focused on mid-market investments in the Czech Republic and Slovakia, has held a first close on €40 million for Genesis Private Equity Fund II (GPEF II). The fund is targeting €60 million.
It has attracted a commitment of €12 million from the European Bank for Reconstruction and Development (EBRD). Other limited partners include Belgium private equity firm Gimv, Czech banking group Ceská sporitelna and German Landesbank Baden-Württemberg.
Prague-headquartered Genesis, which is affiliated with global private equity firm Advent International, was founded in 1999 by Jan Tauber, a former investment banker and adviser to the Czechoslovak finance minister.
If it reaches its target of €60 million, GPEF II will be double the size of its predecessor. LPs in GPEF I that have yet to commit to the latest fund include development bank the European Investment Fund and Letterkenny Holdings Limited, the private equity arm of Mittal Steel.
The fund will focus on small- and medium-sized businesses, typically making investments of between €2 million and €6 million of equity per deal, with the option of taking on larger deals – of up to €40 million – via co-investment. It will target businesses in a wide range of sectors including manufacturing, energy services, industrial and business services, retail, industrial goods, consumer goods, IT, telecoms and media.