Secondary funds continue to emerge strongly in the Spanish market at a time when investors need liquidity, and divestments are slowing down. DeA Capital Alternative Funds has launched its fourth fund dedicated to secondary market investments, called DeA Liquidity Solutions IV, with a target size of €75M. The fund's particular focus is on buying positions in private equity funds from European Limited Partners (LPs), with a particular focus on Spain and Italy.
DeA Liquidity Solutions IV is expected to carry out between 15 and 20 transactions and will also participate in so-called GP-led transactions, involving the direct purchase of portfolios of primary fund investees, or even a single asset, while leaving the management to the original GP.
The fund will be managed by the Client Solutions team, composed of 7 professionals and led by Paolo Garrafo in Milan. This team has invested in over 90 European and US funds since 2007.
Leopoldo Reaño, Managing Director of DeA Capital Alternative Funds, stated that "in a context in which the pace of divestments in primary funds has slowed down, investors are looking for alternative solutions for meeting new disbursements and obligations. Indeed, one of the most common liquidity channels is the sale of portfolio holdings to secondary funds such as DeA Liquidity Solutions IV. The size of the fund and the specialisation of the team enables fewer liquid investments to be analysed because they are smaller in size, which presents an [extraordinary/unique] opportunity for investors seeking to liquidate granular fund positions.”
DeA Capital Alternative Funds SGR S.p.A., founded in December 2006, is entirely owned by DeA Capital S.p.A., part of De Agostini Group. The asset management company, established in Spain in 2019 and led by Leopoldo Reaño (Managing Director), is the leading independent alternative investment firm in Italy, with more than €5.7 billion of assets under management and more than 70 employees across its offices in Milan and Madrid.
In 2024, the firm will celebrate the fifth anniversary of its arrival in Spain through its local office and team. Under its private equity strategy, the asset management firm currently has two investees in its portfolio: Alimentación y Nutrición Familiar (Alnut), a Mercadona supplier acquired in 2021 from the multinational Foodiverse Hold, which holds the remaining 40%.
A year later, it acquired a significant stake in the restaurant chain Pizzerías Carlos to support its growth in the Iberian Peninsula. The remaining shareholding is held by the founding partners and the team led by Francesc Ros and Xavier Crespo.
More information: www.deacapitalaf.com
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