Spanish private equity firm N+1 has held a first close of €100m for its new fund, QMC II, which will “apply private equity techniques” to listed Spanish and Portuguese companies.
The fund is targeting €150m and has so far received commitments from 21 LPs, 55 per cent of which were international.
QMC II will take significant minority stakes of five to 20 per cent in listed companies based in Spain and Portugal.
“The fund’s goal is to maximise returns for its investors by managing a concentrated portfolio of 5-7 companies that present solid fundamentals and substantial global exposure and whose share prices are currently penalised by prevailing capital markets turmoil, particularly in Spain,” N+1 said in a statement.
“What sets the QMC product family apart is the application to mid-cap stocks of private equity investment techniques combined with deep capital markets know-how.”
The firm noted that N+1 Asset Management, which manages the QMC funds, was ranked as the best-performing Spanish fund manager in the first half of 2013. The previous vehicle, QMC I, has made exits for a total €150m, making a €58m gain.
N+1 currently manages direct and financial assets of €3.6bn.
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