Madrid-based private equity firm NMás1 has closed its latest fund, Nmás1 Private Equity, above the original target of E150m at E175m. The new fund will invest in parallel with Dinamia, a E154m publicly listed investment trust also managed by NMás1, giving available investment capital of E329m.
The fund has attracted a diverse range of international investors from the US and Europe including Access Capital, AGF Private Equity, Allianz Private Equity Partners, Daimler Chrysler Pension Fund, Electra Investment Trust, Finama Private Equity, General Electric Pension Fund, LGT Capital Partners and Wilshire Associates in addition to a number of Spanish investors.
The fund will make investments typically of between E12m and E40m in parallel with Dinamia in companies valued between E30m and E150m in Spain and Portugal. The fund will focus primarily on management buyouts, as well as expansion capital opportunities.
“The fund raising has been achieved over a relatively short period in what is a challenging fund raising environment,” said Nmás1 managing director Jorge Mataix. “The Spanish private equity market is still less developed than certain other markets in the US and Europe and therefore we believe that there remain significant opportunities for investment.”
NMas1 was advised by Campbell Lutyens (placement agent) and Clifford Chance (legal) for the fund.
In addition to the latest fund, Nmás1 manages Dinamia, the sole publicly quoted private equity fund in Spain. Dinamia is an evergreen fund which was listed on the Spanish Stock Exchange in December 1997 and which had net assets of E154m at the end of 2002.
Spain’s private equity market reported a relatively buoyant end to 2002, according to figures published by ASCRI (the Spanish venture capital association). E932m was invested in Spanish enterprises last year, down 22 per cent on the previous year although investment in the second half was 76 per cent higher than in the first six months of the year, and 2.4 per cent higher year-on-year. In 2001, Spanish investment fell by only four per cent, against a European fall of 30 per cent. Spanish fundraising fell by 40 per cent last year to E650m. According to ASCRI, Spanish firms currently have around E1.5bn available for investment.