ASM closes inaugural midmarket Spain fund at over $356 mln

Abac Solutions Manager, which is advised by Abac Capital, has raised 320 million euros (over $356 million) for its debut fund Abac Solutions. The pool will focus on backing midmarket companies in Spain. Its LPs include pension funds, endowments, financial institutions, fund of funds and family offices. MVision Private Equity Advisers served as fundraising adviser.

PRESS RELEASE

Barcelona, 23rd May 2016. Abac Solutions Manager S.à r.l. (“ASM”) announces the final closing of its maiden fund Abac Solutions (SCA) SICAR (“Abac Solutions” or the “Fund”) that targets mid-market investment opportunities in Spain. The Fund closed after receiving capital commitments of €320 million from a well-balanced mix of institutions, including pension funds, endowments, financial institutions, fund of funds and family offices.

The Fund has had strong support from the investor community and has been able to attract a number of reputable global institutional investors, overcoming a challenging market environment to raise the largest first time fund in Southern Europe since the “Global Financial Crisis”. Of the capital raised, approximately 60% was committed from European investors, 30% from North American investors and 10% from Asia Pacific investors.

Abac Solutions has already committed capital to two Spanish leading companies: Metalcaucho, an automotive aftermarket supplier, and Figueras International Seating, a high-end global seating systems provider.

Oriol Pinya, Founding Partner of Abac Capital, the exclusive advisor of ASM said: “We are excited by the positive response that the Fund has received and are very grateful for the support and trust we have been granted by our investors. We believe the Spanish mid-market is an attractive investment space with excellent opportunities for Abac’s sustainable value investing strategy. We look forward to adding new portfolio companies to the two deals we have already successfully completed.”

Borja Martínez de la Rosa, Founding Partner of Abac Capital added: “The Fund aims to invest around 20 to 50 million Euros per deal in 8 to 12 companies, in situations where an ownership change, increased liquidity and better governance can unlock significant value.”

MVision Private Equity Advisers acted as global fundraising adviser. King & Wood Mallesons acted as legal counsel.