Don'tuseCorpfin eyes €250m final close on Fund IV

The Iberia-focused firm is on course to close the vehicle on its hard-cap by the end of February

Madrid-based Corpfin Capital is close to wrapping up its fundraising for its fourth fund, PEI has learnt.

The firm is on course to close the vehicle on its €250 million hard-cap by the end of February, according to two sources familiar with the matter.

Corpfin’s fourth fund, which had a target of €200 million, came to market in September 2013 and held a €150 million first close in April 2014.

Both Corpfin and the firm’s placement agent, Acanthus Advisers, declined to comment.

Investments have already been made from Fund IV with the firm acquiring Spanish logistics company FCC Logistics for €32 million. And as with its prior fund, a €223 million 2006 vintage it will invest in companies with growth potential in Spain.

Corpfin’s Fund III made 10 investments, two of which have already been exited. One of them, Duplex Elevación, which was divested in July 2013, generated a 2.5x return. The other business, Restauravia, was divested in 2011, netting the firm a 4x return.

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.

Corpfin joins a number of Iberia-focused firms that have recently successfully raised funds for the region. Last month, ProA Capital closed its latest fund on its €350 million hard-cap. In September, Portobello Capital raised €375 million for its third fund. In the same month, Miura Private Equity closed its second fund, Miura Fund II, on its €200 million hard-cap.