London-based Perusa Partners, a private equity firm that specializes in lower mid-market special situations in Germany and German-speaking countries, has closed on its second fund. The firm raised €207 million in what it reports was three months’ time.
London, United Kingdom (29 November 2011) – Perusa Partners (“Perusa”), the private equity firm investing principally in lower mid-market special situations in Germany and German-speaking countries, is pleased to announce the first and final closing of Perusa Partners Fund 2 (the “Fund”) on €207 million.
The success and fast-pace of the Perusa Partners Fund 2 fundraising is attributable to significant support from existing investors, combined with overwhelming interest of new investors, which led to oversubscription. Allocation to new investors was limited to select high quality, long-term institutional investors. Investors in the Fund included pension funds and insurance companies from Australia, the Netherlands, Nordic countries and the US. The target and hard cap of €207 million was self-imposed by Perusa Partners, in order to stay within the successful mid-market strategy executed by the team since inception.
Perusa Partners Fund 2 will target majority ownership as sole or lead investor in companies with a turnover typically between €30 million and €500 million. The Fund will target companies that have a strong underlying business and / or balance sheet in potentially attractive industries, but which face problems or issues requiring special expertise to resolve.
Dr. Christian Hollenberg, Partner at Perusa GmbH, advisor to the Fund, said, “We are delighted by a quick and efficient fundraising process, which allows us to focus on our core investments and responsibilities. We would like to thank MVision for helping to manage the process in a timely, supportive and effective manner. We appreciate the continued strong support of our existing investors, and we look forward to working alongside select high quality new investors in this Fund.”
MVision Private Equity Advisers acted as the global placement agent for Perusa. P+P Pöllath +Partner acted as legal counsel.
Perusa GmbH, located in Munich, was founded in 2007 by Dr. Christian Hollenberg, Dr. Christopher Höfener and Dr. Hanno Schmidt-Gothan. The team consists of highly experienced and successful professionals with strong investment and operational backgrounds. Perusa have a strong track record in expansion, crisis / turnaround, external growth through acquisition, succession planning, opening up new markets and spin-offs.
The team of entrepreneurs invest through the funds “Perusa Partners Fund 1”, closed in April 2008, and its successor “Perusa Partners Fund 2”, closed in November 2011. Overall, a total of €362 million from private and institutional sources is available, which can be increased through coinvestments where necessary.