Barcelona-based Miura Private Equity is targeting €200 million for its second fund, according to several LP sources familiar with the matter.
The firm came to market towards the end of last year. Investors are currently performing due diligence on the vehicle, according to the sources.
Miura declined to comment on fundraising.
Miura invests in Spanish mid-market companies, targeting businesses with international potential. It typically invests in businesses with enterprise values of between €20 million and €100 million.
The firm aims to raise double the amount it collected for its debut fund, which closed on €100 million in 2008.
Miura has so far made one exit from its maiden fund: last June, the firm sold a stake in Noa Visual Group, a supplier of visual merchandising products for the fashion retail sector, to the Swiss investment firm Porterhouse Capital. It is understood this investment has yielded Miura a 4x return.
Miura was founded in 2007 by Luis Seguí, formerly a principal at Nazca Private Equity in Madrid, and Juan Leach, a former investment banker at JPMorgan in London and Madrid.
The firm joins a list of other GPs currently on the fundraising trail to raise capital for Spain. Sherpa Capital Gestion, a Spanish firm that focuses on distressed and special situations, is currently raising its second fund, according to a source familiar with the matter.
Meanwhile, Madrid-based firm Corpfin Capital, which came to market last summer, has already collected more than half of its €200 million target for its fourth fund, while Portobello Capital, another Spanish firm, is attempting to raise €300 million for its latest fund.
While many GPs are now considering raising capital for the region, fundraising for Spain remains far from straightforward. Diana Capital will wrap up fundraising this week, having spent three years in market, PEI revealed last week. The firm’s second fund will close just above €100 million, below Diana’s original €150 million target.