Perusa closes sophomore fundraising

German GP Perusa Partners has closed fundraising for its second vehicle with €207m in commitments, meeting its hard-cap in the process.

Perusa Partners, a private equity group which focuses on turnarounds of lower mid-market companies in Germany and German-speaking Europe, has closed fundraising for its second fund with €207 million in commitments. That figure represented both the target and hard-cap for the fund, it said in a statement.

The fundraising took just three months, according to a source close to the process. Perusa's management team committed €7 million to the fund, with the remaining €200 million coming from LPs. Perusa's first fund raised €150 million in 2008.

The Munich-based firm said the fundraising had been oversubscribed due to significant interest from both existing and new investors. LPs included a sovereign wealth fund, five pension funds and two funds of funds. Four were existing LPs who re-upped, and four were new investors. Geographically, the LPs were based in Australia, the Netherlands, the Nordic region and the US, the firm said.

MVision Private Equity Advisers acted as placement agent for the fundraising.

Perusa takes majority ownership or lead investor positions in target companies, which typically have turnover of between €30 million and €500 million. Its team, led by co-founders Christian Hollenberg, Christopher Höfener and Hanno Schmidt-Gothan, specialises in crisis and turnaround deals. The three founders are the only key men listed in the fund documentation, a source said.

Christian Hollenberg, a partner at Perusa, said, “We are delighted by a quick and efficient fundraising process, which allows us to focus on our core investments and responsibilities. We would like to thank MVision for helping to manage the process in a timely, supportive and effective manner. We appreciate the continued strong support of our existing investors, and we look forward to working alongside select high quality new investors in this Fund.”