Chequers Capital (Chequers), the Paris-based private equity firm investing principally in control buyouts of unquoted, leading French mid-market companies, has closed Chequers Capital XVI (the Fund) on EUR850 million.
Chequers Capital XVI exceeded its EUR800 million fundraising target after its exceptional three month fundraise, closing on its hard cap of EUR850 million and considerably oversubscribed. Significant support from existing investors, in line with previous fundraises, combined with the overwhelming interest of new investors, led to oversubscription. Allocation to new investors was limited to select high quality, long-term institutional investors. The hard cap of EUR850m was self-imposed by the Partners of Chequers Capital, in order to stay within the successful mid-market strategy executed by the team since 1993.
Chequers Capital XVI will seek to invest in majority control positions in primary buyouts of leading mid-market companies, in all sectors, that have clear potential for operational improvement and regional and international growth. The customary transaction size for investee companies will be between EUR30 million and EUR300 million enterprise value, with typical equity investments of EUR20 to EUR100 million.
Chequers Capital XVI’s capital base shows balance and diversity: 61% from Pension Plans and SWFs, 31% through Fund of Funds and Gatekeepers, and 8% from Other Investors. Geographically, North American investors contributed 56% of the Fund, European investors 26% and Rest of World 18%.
Denis Metzger, Chairman and CEO of Chequers Capital says: “We would like to thank our existing investors for their continued support and are pleased to welcome new investors into the Fund. We intended to have a swift fundraising process and are delighted to have successfully achieved this within such a short timeframe. MVision’s expertise facilitated the process for us.”
MVision Private Equity Advisers acted as the global placement agent for Chequers. SJ Berwin acted as legal counsel.
