Star Capital Partners, a Europe-focused private equity firm, has closed its Star Strategic Assets III fund on its €800 million hard-cap.
Commitments to the fund came predominately from new investors, Private Equity International understands, with large global pension funds, sovereign wealth funds and family offices well represented, and less bank participation than previous funds.
Aerius Associates acted as placement agent and Morrison Foerster provided legal advice.
Fund III has made two investments to date. One was a £50 million ($64.6 million; €56.8 million) investment in Synergy LMS, a linen management services business which had been part of US healthcare and life sciences company STERIS Corporation. The second was in Globalways, a German IT firm which provides data server space and related services. Star partnered with the company’s founders and management team to invest €60 million in the construction of a new regional data centre.
Star Capital invests in industries viewed as essential, such as healthcare, transport and TMT, which generate stable, long-term returns.
Europe-based funds saw record levels of fundraising in the first half of 2017, according to PEI data, helped along by the close of CVC Capital Partners VII on €16 billion. Sixty funds raised a little over $54 billion was in the period, compared with $37 billion raised by 61 funds in the first half of last year. At the current pace fundraising in 2017 will outstrip 2013, a peak year for European firms, when 138 funds raised $94 billion.