Final Closing on Over-Subscribed Fund Capvis Equity III L.P.
Capvis, the leading mid-market buyout firm in Switzerland acting as advisor to the Capvis funds, is pleased to announce the final closing of Capvis Equity III L.P. on € 600 million (about CHF 1 billion) of commitments, considerably exceeding its original target of € 500 million.
The fund was substantially oversubscribed, with commitments coming from existing and new investors from a broad range of global institutional investors, family offices and endowments from around the world. Commitments were secured from more than 40 prominent institutional investors with approximately 35% of the fund from Switzerland or being managed by Swiss institutions, 40% from the rest of Europe, 20% from North America and 5% from RoW. In terms of diversification among investor type, 20% of the commitments came from public and corporate pension funds, 10% from endowments/family offices, 30% from financial institutions and 40% from fund of funds. Significantly, Capvis secured important new commitments from Europe, North America, the Middle East and Asia.
Capvis has arranged and structured 37 investments into mid-sized companies since 1990 with an overall transaction volume in excess of CHF 3.5 billion and has advised on 29 realisations, of which 8 have been IPOs. Capvis takes controlling equity interests and works as an active partner with management teams in company spin-offs, succession solutions and shareholder buyouts of leading mid-sized companies, typically with € 50 – 400 million in enterprise value, in German Speaking Europe (Switzerland, Germany and Austria).
MVision Private Equity Advisers served as global financial advisor and exclusive placement agent. Latham & Watkins LLP served as legal advisor. Ogier served as legal advisor in Jersey. Ernst & Young Ltd served as tax advisor and auditor.