Preqin’s Funds in Market product reveals there are currently 36 Western Europe-focused buyout funds on the road seeking an aggregate target capital of €17bn. Half of these funds have already held at least one interim close, raising an aggregate €6.2bn. Almost all of these funds are managed by Western Europe-based funds managers (97%).
The three largest Western Europe-focused funds on the road by target size are Cinven V, Triton Fund IV and IK VII Fund. Cinven V is targeting €5bn to invest throughout Europe in companies with enterprise values between €300mn and €3bn. UK-based Cinven held a €3bn first close for this buyout fund earlier in March this year.
Triton Fund IV is targeting €2.5bn to invest in mid-market buyout transactions in the business service, industrial, computer service and consumer arenas with a particular focus on Nordic countries, as well as German-speaking countries. IK VII Fund invests in a range of mid-sized companies in the Nordic Region and continental Europe. The fund is targeting €1.7bn and has recently held a first close.
So far in 2012 two Western-Europe Buyout funds have completed a final close. UK-based Clyde Blowers raised the Clyde Blowers Capital Fund III, which closed above its hardcap on £420mn to invest in Western Europe headquartered firms with global opportunities in the engineering and industrial sectors. Siparex Midcap II has also held a final close in 2012 of €120mn to invest in mid-market buyouts and growth capital transactions in Europe and particularly in France, Spain, Italy and Portugal.