One year after the final close of its first co-investment vehicle, Essling Capital has secured more than EUR115 million for its second co-investment fund, Essling Co-Invest 2 (ECI 2).
ECI 2 distinguishes itself from its competitors: fund life span is significantly reduced to 5 or 6 years, thanks to a shorter investment period (12 months). The fund targets to invest through 4 to 8 minority acquisitions, with broad diversification across sectors and geographies, and with EUR10 million to EUR30 million invested by deal.
Being raised since September, the fund has already deployed circa 40 per cent of its commitments to finance three deals: a USD17.5 million stake in a US dental care company in December: in January, a EUR15 million stake in Crouzet alongside LBO France; and a EUR13 million investment in Kiloutou alongside HLD Group in February.
Michele Mezzarobba, CIO and CEO of Essling Capital, says: ‘‘ECI 2 consists of new and existing investors. The fund was endorsed by our long-lasting investors who did not hesitate to trust us once again. We have also welcomed some new institutional investors who are eager to commit with us in the long run. In order to meet increasing demand, our hard cap, initially positioned at EUR100m, has been raised. In parallel with our global and multi-sectoral approach, we maintain more than ever an extremely selective investment process. Therefore, since September, we have evaluated about 80 deals for three investments.’’
