Spanish private equity firm Portobello Capital has sealed a €375m final close for its third fund.
Reports earlier this summer suggested the firm was aiming for a final close of about €340m, but Portobello has burst through that mark.
Spanish newspaper Cinco Dias said that at that point more than 70 per cent of commitments had come from foreign institutional LPs.
The firm aims to invest between €10m and €100m in Spanish and Portuguese businesses valued at between €50m and €500m.
Earlier this week fellow Spanish buyout house Miura Private Equity held a €200m final close for its second fund.
The firm said most of the commitments came from major European and North American institutional investors including pension funds, university endowments and alternative asset managers.
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