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Dutch firm reaches debut fund target

Dutch start-up Holland Private Equity has held a final close for its inaugural fund just above its target, 18 months after it abandoned a private individual-backed model and launched an institutional fundraising.

Holland Private Equity, a mid-market buyout fund targeting the Benelux region and Germany, was founded in 2008 by managing partners Hans van Ierland and Tim van Delden. The firm held a final close for its maiden buyout fund last week on just over €150 million, which was its target, it said in a statement. 

HPE decided to abandon plans for a fund model backed by individual investors in favour of one using capital from institutional LPs in 2009. It then launched HPE PRO Institutional Fund and held a first close in January last year, followed by an interim close on €77 million in August.

The firm received €25m in backing from Dutch pension fund APG in early 2010 through its seeding platform, IMQubator. HPE said its other investors were institutional LPs based in the US and Europe, and included the European Investment Fund. Placement agent Valery Capital advised on the fundraising.

The firm said it plans to back small to medium-sized enterprises in Belgium, the Netherlands, Luxembourg and Germany. It will invest between €10 million to €15 million in equity to facilitate growth, in return for a significant minority stake, typically between 20 percent and 40 percent.

HPE has already completed two deals: an investment in Dutch composites manufacturer Airborne International and German fuel cell-maker SFC Energy.