Keensight Capital, a private equity manager dedicated to pan-European Growth Buyout investments, has held the first and final closing of its new fund, Keensight V, at the fund’s EUR1 billion hard cap, exceeding the fund target of EUR750 million.
The fund was substantially oversubscribed with strong support from existing LPs, as well as new investors from Europe, North America, the Middle East and Asia. The globally diverse LP base for Keensight V comprises circa 90 per cent of subscriptions from institutional investors (asset managers, pension funds, insurance companies, banks and sovereign wealth funds), and c10 per cent from former portfolio company CEOs and family offices.
With its new Growth Buyout fund, Keensight Capital will continue to pursue its consistent and successful investment strategy: partnering with passionate entrepreneurs on growth investments, while targeting profitable and rapidly growing companies across Western Europe with revenues between EUR15 million and EUR250 million.
The Keensight team of 30 people, which comprises 11 different nationalities, will pursue investments across Western Europe between EUR20 million and EUR200 million. The team’s expertise is particularly strong in the Information Technology and Healthcare sectors. Keensight focuses on partnering with established and high potential companies, and adopts a flexible partnership approach to majority and minority shareholder positions.
Since its creation 20 years ago, the team has invested in 52 companies and successfully completed 37 exits, generating an overall gross IRR of 39 per cent and an average gross multiple of 2.8x. Keensight’s portfolio companies have achieved an average sales annual growth rate of 22 per cent over the last five years and an average EBITDA margin of 26 per cent in 2018.
Jean-Michel Beghin, Managing Partner at Keensight Capital, says: “This EUR1 billion fund consolidates Keensight Capital’s position as a leading European Growth Buyout firm. This size will allow us to enhance our continuous improvement plan through the strengthening of both our team and sourcing process. This major fundraising success demonstrates the value our investors have seen in our differentiated positioning and the discipline of our team. We are delighted by the support we received from our existing investors, and are pleased to welcome new investors to the fund.”
Keensight was advised by Park Hill as placement agent.
