Private Equity firm Keensight Capital has announced the raise of €2.8 billion in an oversubscribed funding round. Pursuing investments across Europe within the technology and healthcare sectors, the Paris and London-based firm intends to continue with its activities as a European growth buyout player.
The firm is targeting, and issuing ticket sizes of, companies generating revenues in the range of €10 million to €400 million.
In a statement issued on Friday, the firm said that a number of existing LPs continued their support, while new investors from Europe, North America, the Middle East, and Asia also joined the round. Approximately 90 percent of Keensight's LPs arrive via the traditional routes, i.e. asset managers, pension funds, insurance companies, banks, and sovereign wealth funds, with 10 percent garnered from former portfolio company CEOs and naturally, undisclosed family offices.
The 23-year-old firm, known as R Capital Management until 2013, has had 48 exits, including LDR Holding, Linkbynet, and Labelium, generating an overall gross internal rate of return (IRR) of 39 percent and an average gross multiple of 3.4x.
“This successful fundraise makes Keensight Capital one of the undisputed leaders in European Growth Buyouts. The size demonstrates the value our investors see in our differentiated positioning and the discipline of our team,” commented Jean-Michel Beghin, Managing Partner at Keensight Capital.
Lead image: Photo by Giammarco Boscaro.