German buyout house Golding Capital Partners has held a final close of its first secondaries fund on €280m, significantly beating its original target of €200m.
The firm said there is a strong demand particularly from the client segments pension funds and saving banks. It is planning a follow-on fund in the first half of the year.
Golding said its secondary market team has already completed 14 transactions and building a portfolio of more than 80 small and mid-cap companies, primarily in Europe.
Hubertus Theile-Ochel, managing partner at Golding Capital Partners, said, “Reliable access to attractive opportunities and a rapid exit from the J-curve are the reasons behind this strong demand from our institutional investors.
Matthias Reicherter, managing partner and CIO, added, “Our good network, years of experience and reputation as a dependable partner enable us to complete bilateral transactions on a regular basis, without competition to maximise prices.
“Just recently, for example, we were able to acquire a fund interest with a long-term pan-European partner, where after just a few months we are already expecting the first distributions.”
Richard Wilmes, managing director and head of secondaries, commented, “At the moment we are particularly interested in the software and technology sectors, as well as healthcare. They are very stable because of their recurring, often contractually guaranteed demand, and at the same they benefit from long-term growth trends, which makes them a compelling investment.”
Golding has pulled in €536m from LPs last year through raising its biggest ever buyout fund of funds at €375m in February and closing a buyout co-investment fund in June on €161m.
The firm also launched its debut impact fund of funds in September with a €300m target, aiming for a net IRR of 12% to 14%.
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