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Portobello Capital closes its first secondary fund

2015/07/30

The Spanish private equity firm Portobello Capital has closed its first secondary fund: Portobello Capital Secondary Fund I, which will give continuity to the management of the portfolio companies during five more years.

This new fund highlights the Portfolio’s strength and proves the confidence that investors have in Portobello’s capacity to add value in its companies during the coming 5-year cycle. Portobello Capital’s team will continue supporting the fund’s management and boosting its national and international growth.

Portobello Capital Secondary Fund I may include all the portfolio companies of Portobello Capital Fund II: Ice Cream Factory (private label ice cream manufacturer), Mediterránea (catering services in hospitals, schools and companies), Veinsur (independent Volvo industrial vehicle dealer), Festa Moda (women fashion retail stores), Angulas Aguinaga (value-added fish products, ready-to-eat and refrigerated) and GrupoUno CTC (outsourcing services in marketing, merchandising and promotional logistics) and Multiasistencia (claims management outsourcing for bancassurance clients).

Portobello Capital Fund II investors have had the opportunity to either obtain liquidity or reinvest in the secondary fund. Portobello Capital Secondary Fund I has only international institutional investors, being HarbourVest the main one. This deal represents a success for Portobello Capital, that benefits its investors, both the outgoing ones and those that bet for the new cycle and its portfolio companies.

Portobello Capital is a leading private equity in the Spanish “Middle Market”. It was founded in 2010 by Iñigo Sánchez-Asiaín, Juan Luis Ramírez, Ramón Cerdeiras, Luis Peñarrocha and Fernando Chinchurreta. In August 2014 Portobello Capital closed its Fund III with 375 million euros, the biggest fund raised in Spain since the beginning of the crisis. Since then, Portobello Capital Fund III has invested in IAN (canned food and prepared meals) and Vitalia Home (elderly care homes).

The lead investor in the new fund, HarbourVest Partners, is one of the worldwide leaders in Private Equity in secondary funds. With 30 years of expertise, it has assets under management of 35 billion dollars and offices in Asia, Europe, Latin America, and North America. HarbourVest invests in premier partnership funds, in secondary investments, and directly in operating companies in the U.S., Latin America, Europe, Asia Pacific, and emerging markets.

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