LGT Capital Partners wrapped up the final close of the Crown Europe Small Buyouts VI (CESB VI) fund, raising more than €750m ($811m), surpassing its initial target amount.
The sixth dedicated European small buyout fund, which draws on the firm’s 25 years of experience in private equity investments, targets access-constrained and highly specialised European private equity managers.
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Its long-standing practice of investing in highly specialised small and developing managers is carried forward with CESB VI. These initial fund commitments are supplemented by secondary deals and co-investments, which take use of the firm’s global network and extensive contacts with private equity fund managers.
Moreover, CESB VI has had regular interest from both existing and new investors. The programmes investors include pension funds, insurance companies, sovereign wealth funds, family offices, and endowments from Europe, the United States, and Asia Pacific.
Cem Meric, partner at LGT Capital Partners, stated: “Over the last 25 years, we have built the expertise and capital base that allow us to identify and invest with some of the strongest private equity managers in Europe. This resulted in the successful fundraising for CESB VI, and we would like to thank our global investors for their trust in us.”
Dominic Abt, principal at LGT Capital Partners, added: “The European private equity ecosystem for smaller deals remains highly fragmented. Combined with the structural advantages of buying companies at more conservative valuations, this has allowed for a vibrant market for deal-making and exits despite subdued conditions in the broader private equity market.”
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By GlobalDataLGT Capital Partners has a lengthy history of investing in European buyouts, with over €21bn committed since 1998.
The European private equity team consists of 58 investment specialists from 20 different countries, providing it a thorough understanding of local dynamics in its target locations.
In addition, earlier in summer, LGT Capital Partners completed the final close of Crown Secondaries Special Opportunities III at $3bn.
It was LGT’s third concentrated direct secondary fund, and it offers liquidity options to private equity-owned businesses.
In addition to funding the expansion of M&A, CSSO III holds direct minority positions in portfolio companies controlled by private equity and takes roles in concentrated continuation vehicles.
