Invision reaches €285m hard-cap for Fund V

The Zug-based firm exceeded its €250m target and saw a re-up rate that was ‘significantly above 100%’, according to Invision’s managing partner Frank Becker.

Invision Private Equity, a lower mid-market firm operating in the German-speaking market, has closed its fifth buyout fund on its €285 million hard-cap, according to a statement.  

The firm, which started fundraising approximately nine months ago, saw a re-up rate above 100 percent, Invision’s managing partner Frank Becker, told Private Equity International

“There were a few [LPs] that dropped out for various reasons, but the remaining LPs committed [more than in the previously fund],” Becker said.  

The firm’s investors have become more institutional, he added, with a number of high level institutions from Europe and the US committing to the fund. 

Probitas Partners acted as the sole placement agent, while SJ Berwin advised Invision on the legal side.  

Invision, which typically invests in companies with an enterprise value of between €30 million and €100 million across Germany, Austria and Switzerland, sees less competition in this area of the market than in the mid-cap segment, Becker added. 

It’s the most attractive region from an economic standpoint in Europe. However there is a certain concern about the depth of the market and whether the funds can deploy the money.

Frank Becker

The firm has already put its new vehicle to work by investing in HSO, an education provider in Switzerland. The deal was signed earlier this month and will be closed this week, Becker said. 

Investors remain optimistic about the German speaking regions, Becker said. “It’s the most attractive region from an economic standpoint in Europe. However there is a certain concern about the depth of the market and whether the funds can deploy the money.” Invision took those concerns away “by openly showing our deal flow statistics with investors”, he added. The firm has a “full pipeline” of “compelling opportunities”, according to the statement.    

Invision’s successful fundraise highlights the investor appetite for the German-speaking region. Capvis Equity Partners is approaching its first close of more than €300 million for its fourth fund. In addition, EMERAM Capital Partners, which is raising its debut fund, is gaining “significant momentum” and will be reaching its first close this summer, a source told PEI earlier this month.  

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. In July last year, ECM Equity Capital Management (ECM) held a final close on its Germany Equity Partners IV fund. The fund reached its hard-cap of €230 million, surpassing its target of €200 million.