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Alternative Market Briefing

CEE-focused Innova closes the sixth fund on $300m

Friday, September 06, 2019

Laxman Pai, Opalesque Asia:

Central and Eastern Europe (CEE)-focused PE firm Innova Capital has pulled in EUR271m ($300m) for the final close of its sixth buyout fund Innova/6.

Over 60% of the committed capital came from prior fund participants, with remaining commitments provided by new investors. The Poland-anchored fund has received backing from institutional and commercial players from Europe and North America.

"Apart from our existing and new LPs, institutions, entrepreneurs, and family offices, we have received the strong endorsement from our first Polish institutional investor (PFR FF FIZ)," says Krzysztof Kulig, Senior Partner, responsible for the fundraising process.

Innova/6 follows the same strategy as previous funds through investments and co-investments in medium-sized companies with enterprise value typically ranging from EUR 50m to EUR 150m.

Target sectors include financial and business services, TMT, manufacturing, consumer products and services, healthcare and retail. The investment period is set for 4 years (fund term 8 years).

The fund's investment strategy focuses on Innova's two signature deal types: Founder Succession and a Platform+ consolidation, involving the combination of two companies at inception and leveraging the income and cost synergies for further add-on acquisitions.

Innova has a track record of investment across 10 countries with over EUR 900m raised and more than 50 deals invested. Innova has already completed f......................

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