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Exclusive: Corpfin closes fourth fund on €255m

Investor demand for the firm's latest vehicle reached €300m

Madrid-based Corpfin Capital has closed its fourth fund on €255 million, slightly above its €250 million hard-cap, PEI has learnt.

The fund, which was oversubscribed, could have raised as much as €300 million, Corpfin confirmed to PEI, with some investors having to scale back their commitments.

Corpfin’s Fund IV, which had a target of €200 million, came to market in September 2013 and held a €150 million first close in April 2014. The fund held a final close this week.

The group worked with placement agent Acanthus Advisers during the fundraise.

Investments have already been made from Fund IV with the firm acquiring Spanish logistics company FCC Logistics for €32 million. As well as its prior fund, a €223 million 2006-vintage, Corpfin 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: Amundi 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 December, 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.