Spanish private equity player Qualitas has hit a €100m hard cap close for its second European fund of funds – and is already planning to launch it successor vehicle within the next few months.
The firm has built upon the success of its debut European fund-of-funds raise from 2016, which saw it collect €60m to target primary private equity funds, secondary fund opportunities and co-investments with lower mid-market private equity managers.
That vehicle is now fully committed to 13 managers, and Qualitas claims it is one of the best performing 2016 vintage funds of funds in Europe.
Qualitas Funds II will aim to invest in 15 to 16 private equity funds, and make another 10 to 20 co-investments, the firm said.
To date the vehicle has already made 12 primary commitments and four co-investments, and is expected to be fully committed by Q2 2019.
Qualitas said it is already prepping to raise its third European fund of funds during the first half of 2019.
Qualitas Funds began in 2015, looking to distinguish its funds from traditional fund of funds through a pure focus on the European lower mid-market, which it believes offer higher returns with lower volatility than larger funds.
It also aims to back efficient fund sizes that are deployed rapidly, reducing the effect of management fees on returns, and make significant co-investment with the best managers in Europe.
Qualitas Funds is part of Qualitas Equity, a leader in successful alternative investments since 2003.
Qualitas currently employs more than 100 professionals and manages over €1.4bn across energy infrastructure, direct private equity in Spain, residential real estate investment and social and environmental impact investing.
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