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Mediterrània’s second fund hits €90m first close

26 Nov 2013

euro_note_170sqPrivate equity firm Mediterrània Capital Partners (MCP) has hit a first close of €90m for its second growth fund, eclipsing its initial target of €80m.

MCP said eight LPs participated in the initial close and Mediterrània Capital II is now expected to close on its €150m hard cap. It added that it plans to complete a number of additional investments and hit a second close in the next months.

The fund will make growth investments in SMEs based in North Africa including Morocco, Algeria and Tunisia.

The fund has been backed by the European Investment Bank, EBRD, IFC, FMO, DEG, the Averroes Finance II Fund of Funds, Canada’s Investor Fund of Fund Sarona and a Spanish family office.

MCP managing partner and CEO Albert Alsina said, “This second fund is the continuation of the good work done by the team. With the second fund investors, we could do larger transactions up to €50m as we will offer co/investments rights to our existing investors.”

Last month Spanish state-owned bank Instituto de Crédito Oficial launched the country’s first fund of funds, the €2.1bn Fond-ICO Global as part of an effort to attract private equity investors to the Spanish economy.

The vehicle will target the whole spectrum of strategies including growth funds, venture funds as well as buyout vehicles with no allocation or return targets.

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