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Committed Advisors, Eurazeo back Capvis GP-led

Around half the LPs in the 2008-vintage €608m Capvis Equity III rolled over into the continuation vehicle.

Swiss mid-market buyout shop Capvis has closed an end-of-life process on its 2008-vintage fund.

Limited partners in Capvis Equity III were given the option to roll all or part of their holdings into a continuation vehicle or to sell to secondaries buyers, according to a statement. Committed Advisors and Eurazeo co-led the process, which was worth €230 million.

Eco-friendly fashion business hessnatur, swimming e-commerce platform arena, and coffee- and water machine distributer Kaffee Partner were the remaining assets in Fund III.

Asante Capital Group advised on the process.

“The high quality of the companies, a positive assessment of the prospects in the European consumer goods sector and the attractive transaction structure were the basis for strong investor demand,” said Capvis managing partner Daniel Flaig, in the statement.

The €230 million included follow-on capital to help develop the business, a spokesman for the firm said, adding that around half the LPs in Fund III rolled into the continuation fund.

Fund III raised €608 million by final close in 2008, according to PEI data. Investors include San Francisco Employees’ Retirement System, LocalTapiola Mutual Life Insurance Company and BMO Global Asset Management.

Zug-headquartered Capvis invests in mid-market companies in the DACH area with a focus on healthcare, industrials and services & software. The firm has total invested capital of more than €3 billion.

In 2020, Paris-listed Eurazeo bought the remaining 20 percent stake in secondaries firm Idinvest Partners. Secondaries Investor understands that it was the Idinvest team that executed this latest deal.

Compatriot Committed Advisors is investing its €1.6 billion fourth fund, which closed in November.

Europe accounted for 27 percent of GP-led deals by transaction volume in the first half of this year, with North America accounting for 68 percent, according to investment bank Evercore.