Buenavista Capital, through its management company Buenavista Buyout, S.G.E.I.C., S.A., has registered a new private equity fund: Buenavista Buyout III España, FCR, with a target investment size of €250 million and a maximum limit of €300 million.
This fund, focused on the low/mid-market segment, will invest in strategic sectors such as health, industry, services, and food. Its goal is to acquire majority stakes in Spanish companies with high growth and internationalization potential.
The strategy will follow a 'buy & build' approach, expanding its portfolio with between 8 and 10 investments, with tickets ranging from €25 to €30 million, and greater capacity to execute add-ons that drive growth. The fund places special emphasis on digitalization and AI as key levers to enhance the portfolio companies. “We see a real window of opportunity to generate value in the Spanish market,” says Enrique Centelles Satrustegi, Head of Private Equity.
The fund, which is closed-ended and managed by a team with extensive experience in investments in unlisted companies, is aimed at institutional investors and high-net-worth private clients. Its strategy focuses on acquiring majority stakes in mid-sized Spanish companies with growth potential, primarily in the industrial and services sectors (including technology), as well as food and health.
Investment Objective
Buenavista Buyout III’s primary goal is to generate value through expansion capital, buyout operations, and “build-up” strategies, investing amounts between €25 and €30 million per transaction. The geographical focus is Spain (at least 95% of invested capital), although marginal exposure to other OECD countries is contemplated.
Commitment to Sustainability
The fund is classified as an “Article 8 product” under the SFDR Regulation, promoting environmental and social characteristics in its investment decisions. ESG factors integration is carried out through both internal and third-party analyses.
Structure and Share Classes
The fund offers three share classes (A, B, and C), each with different minimum investment thresholds and associated conditions. Subscriptions will be made through investment commitments, with no early redemption allowed except under specific circumstances.
Strategic Partners and Governance Structure
The fund’s depositary will be BNP Paribas S.A., Spain branch. Ernst & Young (EY) is appointed as auditor, and legal advice is provided by the law firm Addleshaw Goddard. Additionally, parallel vehicles investing on pari passu terms with the fund are planned.
Fees and Transparency
The management company will charge an annual management fee between 1.7% and 2%, plus a 20% success fee. The fund will also adhere to international reporting and transparency standards (Invest Europe Guidelines).
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