Waterland closes second fund on €170m

Mid-market European private equity firm Waterland has exceeded its €150m target for a new fund dedicated to medium sized investments in the Benelux and Rhineland regions.

Dutch-headquartered Waterland Private Equity has announced the closing of its second fund, Waterland Private Equity Fund II, on €170 million ($200 million), having exceeded its target of €150 million.

The fund is significantly larger than Waterland’s previous fund, which closed in April 2001 on €50 million and which is now fully invested.

The new fund, which launched in the second quarter of 2003, attracted investors from the US (25 percent), Holland (35 percent) and the remainder from other parts of Europe.

The 17 limited partners include the European Investment Fund, JP Morgan Fleming Asset Management, Horsley Bridge International, ATP Private Equity Partners and Delta Lloyd Private Equity.

Waterland has already made two investments from the fund, both in the healthcare sector.  It invested in Harting Bank, a maker of mobility aids, as well as Fa-med, an administrative outsourcing company.

According to founder and managing director Rob Thielen, the fund’s focus will be on companies in Benelux countries and the German Rhineland, with typical investments likely to be in companies with revenue bases of between €10 million and €150 million.

Waterland’s preferred strategy is buy and build in fragmented sectors and focuses on the outsourcing and leisure sectors and companies that do business what they describe as the “ageing population” in the regions.