Queka Real Partners, a Spanish lower mid-market private equity manager, has held the final closing of its second private equity fund, Queka RP PEF 2 (“Fund 2”), raising €194 million, above its €175 million target.
The strategy of the new fund is consistent with that of Queka’s prior fund, which closed on €151 million of LP commitments in 2020. Queka aims to partner with dynamic management teams in the Iberian Lower Middle Market, proactively driving growth using the team’s complimentary combination of sophisticated financial expertise and hands-on entrepreneurial capabilities.
Queka targets businesses generating EBITDA between €2-5 million, typically investing €10-20 million. Fund 2 represents a modest increase in size from the prior fund, demonstrating the belief of the team that at the current scale, it can most effectively address its target market while maintaining discipline around deployment, selecting only the highest quality opportunities.
Since its inception in 2018, Queka has closed eight transactions across a diverse range of industries including education, cosmetics, food ingredients and software. Fund 2 is already well invested, with deals such as LipoTrue (a developer and supplier of active cosmetic ingredients for leading cosmetics companies) and Juan Navarro García (a leading processor and distributor of paprika, cayenne and oleoresin products) in the portfolio. With a strong near-term pipeline, the team expects that the fund will reach c.45% deployed in the coming months.
Fernando Elío, managing partner at Queka, said: “We are delighted with the final closing of Fund 2 and would like to thank both our existing and new investors for their considerable support. We are committed to delivering the best results possible, and while we are very happy with the early successes already delivered at Queka, we are even more excited about what is to come.”
About Queka Real Partners:
Queka Real Partners (“Queka”) is a Spanish private equity firm focused on the Iberian lower middle market. Since its inception in 2018, the firm has closed eight transactions across a diverse range of industries including education, cosmetics, food ingredients and software, and currently has over €350 million in assets under management.
Predominantly focused on a proprietary sourcing model, Queka aims to partner with dynamic management teams to accelerate growth within already robust businesses. Queka defines the lower middle market as businesses that generate between €2-5 million of EBITDA, a section of the market that the team believes is underserved and offers attractive opportunities to add significant value. The team creates value via multiple avenues, which include building efficiencies into existing processes, driving growth through strategic new initiatives and executing on buy & build opportunities.
With over 140 years of combined prior experience partnering with businesses in Spain, the Madrid-based team of nine investment professionals brings extensive knowledge from both operational and investment backgrounds, a combination that is highly valued by founders and management teams
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