In what continues to be a competitive fundraising climate, leading buyout adviser Steadfast Capital has achieved a first close of its third fund at €104 million in just four months.
Support from existing investors Electra, Axa and F&C combined with the addition of some well regarded new institutions including EIF, Goldman Sachs, IdInvest, Graphite and Swiss Re enabled the fund, which launched early this year with a final target of €250 million, to reach this important milestone.
Steadfast Capital’s ongoing commitment to its proven investment strategy, which has been undertaken successfully for preceding funds, played a key role in securing investor support. The firm, which specialises in the German mid-market, targets majority stakes in successful and profitable businesses valued between €25-150 million.
Nick Money-Kyrle founding partner for Steadfast Capital GmbH and Fynamore Advisers LLP said “We are particularly pleased with the continued support from our existing investors, and securing their involvement with our third fund was a key part of our strategy”.
In order to ensure consistency and facilitate a smooth and efficient set up process, Steadfast engaged advisers used on Fund II, including fund administrator Ipes, as the firm was familiar with the structure of the fund, the investors and Steadfast’s culture.
“Working with service providers like Ipes with whom our team already have a good relationship, and who really understand our business was certainly a benefit both to Steadfast and to our investors. Given our short timelines, their prior knowledge enabled them to complete key tasks quickly and effectively on our behalf” concludes Money-Kyrle.
Michel Davy, Managing Director for Ipes in Guernsey says “Having worked with Steadfast since 2005 we were delighted to be selected as the administrator for Fund III. Steadfast has an excellent reputation in the European market and we look forward to working with them on the next stage of their fundraising process.”