Utrecht-based Bencis Capital Partners has announced the final close of Bencis Buyout Fund II on €250 million ($322 million), six months after its launch.
The fund, which had an original target of €200 million, was capped at €250 million despite being oversubscribed, according to managing partner Jeroen Pit.
Pit confirmed that the vehicle had been marketed only to European investors and had attracted 40 percent of commitments from the Benelux region, with the remaining 60 percent coming from the rest of Europe.
Investors in the fund included LGT Capital Partners, Allianz, AXA Private Equity, the European Investment Fund and Fortis. Fortis was the cornerstone investor for the original €170 million NeSBIC Buyout Fund.
Bencis span out from NeSBIC Capital Partners earlier this year and is now a fully independent firm, owned and managed by its five partners: Pit; Zoran van Gessel; Benoît Graulich; Robert van Nieuwkoop and Lesley van Zutphen. The firm has ten investment professionals in total.
Bencis will also continue to manage the NesBIC buyout fund, which invests in a broad range of companies across Belgium, Luxembourg and the Netherlands, including consumer-related businesses, industrial services, manufacturing, transport and logistics, publishing and finance.
The new fund is on the point of completing its first investment in Meneba, a Netherlands and Belgium-based grain supplier. The buyout from pan-European private equity firm CVC Capital Partners has been agreed in principle, with the deal expected to close within the next week.