Pinova Capital, a Munich-based independent private equity firm, has announced the first closing of its first fund, Pinova Fund I, at EUR50m.
Pinova Capital, a Munich-based independent private equity firm, has announced the first closing of its first fund, Pinova Fund I, at EUR50m.
With additional subscriptions for further closings, Pinova has as of today total subscriptions of EUR96m and is on track for the final closing target of EUR150m.
The investors comprise institutions such as Commerzbank, the European Investment Fund supported by the European Union through the Competitiveness and Innovation Framework Programme, BIP Investment Partners and KfW Bankengruppe.
Dr. Katrin Stark, head of portfolio management corporate banking at Commerzbank, says: ‘We have chosen Pinova as our Private Equity partner, due to the partners’ experience and track record of investing into Mittelstands companies. Together with Commerzbank’s position as leading German bank in this market, we consider the fund to provide an excellent option to access this very interesting segment of the private equity market.’
Katrin Brökelmann, partner of Pinova Capital (pictured), adds: ‘We are very pleased to have attracted such well regarded investors for our first fund despite a challenging market environment. With our longstanding experience in Private Equity and our network in the German Mittelstand, we are convinced to be able to deliver superior returns for our investors.’
Pinova Capital is an independent private equity firm focusing on high growth engineering and services companies in German speaking Europe.
The fund invests equity between EUR3m and EUR15m taking minority and majority positions in companies within a revenue bracket of EUR5m to EUR100m.
Pinova Capital was founded by four partners: Brökelmann, Marko Maschek, Martin Olbort and Joern Pelzer.
The European Investment Fund is the European Union’s specialised financial body for small and medium-sized enterprises. EIF’s central mission is to support Europe’s SMEs by helping them to access finance. It designs and develops venture capital and guarantees instruments which specifically target this market segment.
