Orlando raises €231m for special situations

Munich- and Zurich-based Orlando Management’s latest fund will focus on ‘Mittlestand’ companies with enterprise values between €10m to €100m.

Orlando Management has held a €231 million final close on its Special Situations Venture Partners III fund. A source close to the firm said the oversubscribed fund was raised in a matter of weeks, with interest divided equally among new and existing investors. 
The fund, whose target was between €200 to €220 million, attracted commitments from LPs including funds of funds manager LGT Capital Partners and a mix of endowments, insurance companies and sovereign wealth funds. 

Fund III will focus on the acquisition of industrial German-speaking companies with sales up to €500 million. It has yet to agree any deals.

Fund III’s strategy will be exactly the same as Orlando’s two previous funds: acquiring companies in a position of underperformance with balance sheet distress or untapped development potential. The firm’s Fund II raised €256 million in 2006, beating a €200 million target, while its first fund raised €163 million in 2002, according to sister data provider PE Connect.

The 11-year-old firm’s latest fund was raised with the help of global placement agent MVision Private Equity Advisers, while law firm SJ Berwin provided legal counsel with Sonja Pauls heading the team and Christian Schatz leading the tax and regulatory structure. 

Orlando did not immediately return a request for comment.