China-Europe focused private equity firm Mandarin Capital Partners has opened an office in Frankfurt, Germany, as it raises Fund II, according to a firm statement.
Mandarin supports cross-border investments between China and Europe, working mainly with China's state-owned enterprises that want to acquire European assets. The firm’s second fund targets €500 million, which was revised down from its initial target last August of €1 billion.
Fund II has a strong Germany focus in addition to Italy, which was the emphasis in Fund I, PEI reported earlier.
“We are looking forward to working together with export-oriented German companies, which are champions in their industry and Chinese companies seeking a wider European presence,” said Alberto Forchielli, founding partner, in the statement.
The Frankfurt office will be headed by Markus Solibieda, a private equity professional with 18 years of experience in investing in mid-sized companies in Germany and Western Europe, according to the statement.
Fund I, a €328 million vehicle with a 2007 vintage, is 90 percent invested across 10 deals, all outbound cross-border acquisitions from China to Europe. One of the firm’s more notable transactions was a co-investment in China-based Zoomlion’s $422 million acquisition of Italian concrete manufacturer CIFA in 2008.
LPs in Fund I included China Development Bank, the Export-Import Bank of China and Italian bank Intesa Sao Paolo, according to the research and analytics division of Private Equity International.
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