EMERAM nears first close on debut fund

The firm, consisting of two former Apax executives and two from The Riverside Company, is gaining 'significant momentum' for its maiden fund, which has a €350m target.

EMERAM Capital Partners, a spin-out from The Riverside Company, is nearing a first close as it attempts to raise €350 million for its debut fund, according to a source familiar with the matter. 

EMERAM's debut fund, which has a €400 million hard-cap, is gaining “significant momentum” and will be reaching its first close this summer, the source told Private Equity International

The Munich-based firm, which was created in 2012, targets investments in consumer goods, retail and e-commerce, industrial goods, business services and healthcare in Germany. 

It will write equity checks of €20 million to €50 million. By targeting specific sectors, it aims to differentiate itself from other German generalist GPs, another source said. 

It is understood that UBS is acting as EMERAM's placement agent. 

UBS declined to comment while EMERAM did not respond to a request for comment at press time.

The EMERAM team consists of two executives from The Riverside Company and two former Apax executives. Christian Näther spent 11 years at Apax, where he co-headed the Munich office. He became a partner in 2004 and an equity partner in 2007. During his time at Apax, he focused on retail/consumer, healthcare, industrials and family owned businesses in DACH and Eastern Europe. Prior to that, he spent eight years at McKinsey & Company, according to the firm’s website.  

Prior to EMERAM, Korbinian Knoblach was also with Apax, where he worked in their Munich and New York offices for ten years. He was a member of Apax's financial and business services group and completed transactions in retail/consumer, telecoms and industrial sectors.  

Another team member is Kai Köppen, who built up the German office of The Riverside Company. He also spent ten years at Industrie Management Munich, where he held various roles including investment professional and operating management roles in Germany and France. Volker Schmidt also joined from The Riverside Company where he worked in the German office for eight years. 

Kai Obring, also part of the EMERAM team, has been with The Boston Consulting Group (BCG) for nearly 20 years, where he focused on industrial goods. Eckhard Cordes, a member of the executive board at Daimler, spent more than 30 years at Daimler. He held several chief executive roles at Mercedes Car Group for instance. Cordes also served four years on EQT’s investment committee.

Despite ongoing uncertainty in the euro zone, LPs continue to have an appetite for Germany. In April, Deutsche Private Equity reached its €350 million hard-cap. In August last year, Deutsche Beteiligungs reached its hard-cap of €700 million in just four months. A month prior to that, ECM Equity Capital Management (ECM) held a final closing for its Germany Equity Partners IV fund. The fund reached its hard-cap of €230 million, surpassing its target of €200 million.