Excel Partners joins Parallel affiliates

Parallel Ventures, the UK-based fund of funds, has added a Spanish connection to its network of local European partners.

Parallel Ventures, the UK fund of funds manager, has joined forces with Spanish investment advisor and private equity manager Excel Partners. The agreement with a Spanish partner sees the firm complete the European network that it embarked on nearly a year ago.

Elsewhere in Europe Parallel works with Acland (France), Equivest (Germany) and Emerald (Italy). In the UK, Parallel has affiliations with 3i, Barclays Private Equity, and Royal Bank Private Equity. Having added Excel to the group, Parallel intends to allocate £200m per year to the group for direct investment in private equity.

Excel, formed in 1991, brings to the table investment connections across Spain and Portugal and, according to the firm, an annual IRR of more than 40 per cent. The group is managed by Jose Marcia Lopez de Letona, Ramon Menéndez de Luarca and David Bendel.

Since 1997, Parallel has invested around £650m with a focus on mid-market private equity transactions.