Franco-Iberian fund closes on €50m

Espirito Santo Capital and Sigefi Private Equity have held a final closing of their crossborder Iberian-French private equity fund.

Espírito Santo Capital, the private equity arm of Banco Espírito Santo Group, and Sigefi Private Equity, the management company of Siparex Group of France, have held a final close of SES Iberian Fund I (SES I).

SES I closed on its target of €50 million ($58 million), following its launch in June 2004.

SES I is managed by Madrid-based SES Private Equity, a vehicle specially created for the fund with offices in Madrid, Lisbon and Lyon.

The fund will target investments in mid-market companies with revenues between €10 million and €100 million in Spain, France and Portugal.

According to a press release, the fund received 82 percent of commitments from institutional investors such as pension funds, asset management firms, financial institutions and foundations, and 18 percent from other investors like corporations and family offices.