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Eneas Alternative Investments (EAI) is an independent firm focused on private equity investments in the Spanish lower mid-market.
The firm recently launched a new PE fund focused in the Spanish lower mid-market targeting €60m. The Firm intends to build a diversified portfolio of 5 to 8 investments between €5-10m of capital each. The Fund will target an overall gross IRR of at least 25% and a gross MOIC in excess of 2.5x.
The PE team, led by one of the most seasoned PE investors in Spain, with more than 17 years’ experience in the industry, will primarily target control stakes in companies with up to €3m of EBITDA. This focus in the lower mid-market contrasts with the evolution of more established GPs who have migrated to the upper mid-market, with more competition and larger deals driven by the increase of their fund size. The lack of competition in the lower mid-market, results in lower valuations, almost no auction processes and greater universe of companies, over 95% of the Spanish companies generate less than €3m of EBITDA.
The PE fund has already made 2 investments, one of which has already been partially realised. Furthermore, the team is already in negotiations with 2 other companies and a follow-on providing visibility on over 60% of the Fund´s target size.
The Firm was founded by one of the most balanced local teams in the Spanish market, with a strong reputation as successful businessmen and entrepreneurs. They have participated in over 150 M&A transactions and have invested more than €150m in Spain across various sectors. This experience and reputation alongside their network is a critical factor for sourcing proprietary opportunities. Eneas has a unique source of proprietary deals through its quarterly communication with over 8,000 local CEOS and Executive Directors.
Fund Terms: 7 years from the effective date. Investment period: 2 years from the effective date. 2% management fee; 20% carry after 8% hurdle and a Luxembourg CLP- AIFM structure. First close is planned for 2Q17.