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Mid Europa closes €1.5bn Central European buy-out fund23/10/2007. Source: AltAssets. 
 Central European-focused buy-out firm Mid Europa Partners has closed its third fund, Mid Europa Fund III, on €1.5bn. In addition, the Mid Europa team will invest €30m through the general partner. Fund III was launched in May of this year with a €1.25bn target and held a first closing on €1bn two months ago.
Commitments came from over sixty investors, including AGF Private Equity, AlpInvest, ATP Private Equity Partners, AP2, Auda Private Equity, AXA Private Equity, Caisse des Depots et Consignations, CAM Private Equity, Citigroup, European Investment Bank, Feri, Government Investment Corporation of Singapore, Goldman Sachs Asset Management, HarbourVest, MetLife, OP Trust, Pantheon, TIAA and Unigestion.
Approximately 28 per cent of commitments came from pension plans, 24 per cent from funds of funds, 19 per cent from banks, insurance companies and other financial institutions, 16 per cent from government-related entities and international financial institutions and 13 per cent from endowments and foundations. European and North American investors account for 50 per cent and 36 per cent of total commitments respectively, with the balance of 14 per cent coming from the Asia Pacific and Middle East regions, the firm said.
Mid Europa typically invests between €50m and €200m in cash-flow generative companies with enterprise values of up to €1bn. With its new fund the firm expects to invest in a greater variety of industry sectors than ever before as there are now more opportunities across various sectors in the region. Also, the firm told AltAssets that while it plans to invest in countries across the region, it expects to do more deals in Poland and fewer deals in Hungary, due to market developments in those two countries.
Mid Europa managing partner Thierry Baudon said, 'We are delighted with the quality and diversity of the investors who committed to our third fund. With our second fund already 80 per cent invested in less than 24 months, this new investment vehicle will allow us to continue to take advantage of the rapidly expanding flow of quality buy-out opportunities in Central Europe. The entire Mid Europa team is geared up to deliver another round of outstanding performance in its core market.'
Mid Europa currently advises and manages funds with committed capital of approximately €2.6bn. The firm closed its second fund, Emerging Europe Convergence Fund II, on €650m in December 2005.
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