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Portobello returns to market after restructuring

The Spanish firm is seeking around €600m for its fourth buyout fund after a GP-led process on its 2015 Fund II with HarbourVest Partners.

Portobello Capital has returned to market with a buyout fund, almost two years after it restructured its 2006-vintage fund.

The Madrid-based mid-market private equity firm is planning to raise around €600 million for its fourth private equity fund, according to a US Securities and Exchange Commission filing.

The filing lists Fund IV's target as $680.1 million, though the fund is euro-denominated.

In August 2015 Boston-based investment firm HarbourVest, which was an existing investor in the €331 million Portobello Capital II, agreed to back a deal which moved assets from Fund II into a new vehicle with new terms, as sister publication Secondaries Investor reported.

Fund II’s seven remaining assets were transferred to the new vehicle named Portobello Capital Secondary Fund I. Portobello remained as manager and some other existing limited partners in Fund II, in addition to HarbourVest, became investors in the new five-year fund.

Portobello Capital III, a €375 million fund raised in 2014, made an eighth and final investment with the acquisition of rental car business Centauro in April, Private Equity International reported. Its successor, Portobello Capital Fondo IV, has already received a €20 million commitment from Raytheon, the filing noted.

London-based Quest Fund Placement is acting as placement agent for Fund IV.

Portobello’s current investments include sensory marketing business Trison, frozen seafood manufacturer Iberconsa and care home manager Vitalia Home, all of which are based in Spain.

Spain-based private equity managers raised $1.9 billion in 2016, up from $1.4 billion in 2015, according to PEI data.

Portobello declined to comment.