Former Apax execs launch Spanish buyout firm Abac Capital

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Three former buyout executives at private equity firm Apax Partners have launched a new Spain-focused investment firm, Abac Capital.

Oriol Pinya, former Apax equity partner, as well as head of the firm’s Spanish office and co-head of its global retail & consumer team, is joined by tech and telecom-focused partner Borja Martinez de la Rosa and retail and consumer-focused former associate Javier Rigau.

Located in Barcelona and Madrid, the firm will invest across the capital structure of “solid Spanish businesses” that require financial support. The firm can invest its capital in both equity and debt-like instruments, it said. It will target sectors including consumer, TMT, services, industrials and energy.

Abac is looking to raise €200m for its inaugural fund, the firm said.

Last year Apax closed its eighth buyout fund on $7.5bn, within fifteen months of the first closing in March 2012. Meanwhile it wound down its Spanish operations, as part of a ten per cent cut in global staff numbers.

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