Egeria holds €293m interim close

The Dutch mid-market investor has reported progress with its second buyout fund, which is anchored by the Brenninkmeijer family.

Egeria Capital Management has announced an interim close on €293 million ($386 million) of its second fund Egeria Private Equity Fund II.

The fund, which is backed by a €250 million cornerstone investment from the Brenninkmeijer family, began its international fundraising process in December 2004. Acanthus Advisers is acting as international placement agent for the fund.

The interim close follows commitments received from Dutch institutional investors pension fund Ahold Pensioenfonds and private bank Van Lanschot Bankiers.

Egeria’s second fund will be its first closed-end structure, following the evergreen vehicle Egeria Fund I. From inception in 1997 to 31st December 2004, Egeria I invested approximately €230 million in 15 companies, of which 12 have been exited.

Egeria II will invest exclusively in Dutch companies, which typically have enterprise values of between €50 million and €150 million. The fund has already made two investments, committing a combined total of €55 million to Muelink & Grol, a gas exhaust system manufacturer and fast food company Ad van Geloven.

The firm is expecting to hold a further closing by May and has a final target of €375 million to €400 million for the fund.

Egeria is led by joint managing partners Jan Niessen and Peter Visser. Niessen was a former director at CVC Capital Partners and Visser headed up the private equity division of Dutch investment bank MeesPierson.