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First-time fundraisers flourishing in Europe

Between the start of 2016 and the start of this month, just three European investors closed first-time buyout funds with more than £400 million in commitments. Now, they have company.

Between the start of 2016 and the beginning of this month, just three European investors closed first-time buyout funds with more than £400 million in commitments, according to the PitchBook Platform. Now two firms have done it in the past two weeks, with another targeting the trick in the not-too-distant future.

European industrial technology investor AGIC Capital got things started earlier this month, when the firm reportedly closed its first-ever buyout fund on $1 billion. Next in line: Summa Equity, a Nordic investor in the lower middle market, which has closed its maiden vehicle on SEK4.5 billion (€480 million).

Launched last year by veterans of Nordic Capital and Altor Equity Partners, Summa exceeded its hard cap by more than 35% for the fund. The firm will use the capital to make investments of between €10 million and €50 million, with a focus on resource scarcity, energy efficiency, changing demographics and tech-enabled businesses.

Another new European investor, meanwhile, the London-based EMK Capital Partners, has set a £550 million target for a debut private equity fund of its own, according to an SEC filing. EMK was founded last year by Edmund Lazarus, formerly a managing partner at Bregal Capital, and Mark Joseph, previously of Oakley Capital. Not much else is publicly known about the stealthy firm.

If EMK reaches that fundraising target, though, it will join lofty company among fellow first-time fundraisers in Europe. Here’s a rundown of some of the other firms to raise significant maiden buyout funds in the region since the start of last year:

PitchBook Platform subscribers can check out more of the data on private equity fundraising in Europe right here.

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    Written by Kevin Dowd

    Kevin Dowd wrote The Weekend Pitch newsletter for PitchBook, covering startups, buyouts and the rest of the private market.

    A native of the Pacific Northwest, he’s an alumnus of the University of Washington with a degree in creative writing and journalism. He enjoys books and basketball and, most especially, books about basketball. He feels uncomfortable writing about himself in the third person.

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