Spain’s ProA nears first close for second fund

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madridSpanish private equity firm ProA Capital is reportedly nearing a first close for its second fund.

The firm is set to hold a first close on more than €250m and expects to hit the fund’s €350m hard cap by the end of the year, said Private Equity International.

The fund follows the Madrid-based firm’s first vehicle, Iberian Buy-out Fund I, which was closed with commitments of €250m in 2007.

Other Spanish funds currently in the market include Abac Capital’s debut vehicle, which was launched earlier this year.

The fund is seeking between €300m and €350m, accoridng to a Dow Jones report.

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