ProA Capital de Inversiones, a Madrid-based firm formed in 2007, is back in the market targeting 325 million euros ($442 million) for its second fund, according to a person with knowledge of the fundraising.
Fund II could hold a first close in July, the person said. ProA Capital could not be reached for comment. Park Hill Group is working as placement agent on the fundraising.
ProA Capital was formed by seven investment professionals with experience investing in Spain’s venture capital sector. The firm closed its debut fund, ProA Capital Iberian Buy-out Fund I, on 250 million euros in 2008. Performance information for Fund I could not be located by deadline.
The managing partner of ProA is Fernando Ortiz, who prior to forming ProA was a partner at N+1 Private Equity. Other partners at ProA include Santiago Gómez Fraile and Carlos Gordillo Cruz, both former executives at N+1, and Alberto Yanci García de la Vega, a former principal at Mercapital.
ProA targets the Spanish middle market. One of its more recent investments, in March, was in Rotor, a maker of bicycle components.
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