ProA Capital has held a €255 million first close on its second fund, according to a source familiar with the matter.
The firm, which officially came to market in June, aims to raise €325 million for the vehicle. ProA is expected to reach its €350 million hard-cap before the end of the year.
ProA, which was founded by a number of N+1 Private Equity executives, has so far received “strong support” from existing investors, but has also attracted new LPs, a source told PEI in August.
It is understood that Park Hill is assisting ProA with the fundraising. Park Hill declined to comment, while ProA did not respond to a request for comment at press time.
ProA typically invests in companies in Spain and Portugal which have an enterprise value of between €20 million and €200 million.
LP interest in Spain has improved in recent months. Earlier this month, PEI revealed that Portobello Capital closed its third fund on its €375 million hard-cap. In the same week, Barcelona-based Miura Private Equity closed its second fund on its €200 million hard-cap.