The manager Asterion Industrial Partners last the largest private equity fund in the history of Spain. The investment firm has received approval from the National Securities Market Commission (CNMV) to build its third vehicle, which aims to capture in the market between 3,200 and 3,600 million eurosa figure never seen before in the sector.
The vehicle, according to the admission brochure presented to the regulator, will invest in four sectors: energy infrastructure, energy-related services and supplies, telecommunications and mobilitywith a pan-European perspective, but with the focus on Spain and Portugalwhere it will allocate 60% of the capital, between 1,920 and 2,160 million euros.
Behind Asterion Industrial Partners are Leading executives linked in the past to the North American giant KKR: Jesús Olmos Clavijo, former director of global infrastructure at the firm and, before, general director of Corporate Development at the Spanish Endesa. The founding partners also include Winnie Wutte and Guido Mitrani.
Asterion’s new vehicle, Asterion Industrial Infra Fund IIIwill be the third one they launch on the market, in which Deloitte will act as auditorKing & Wood Mallesons as legal advisor and BBVA as depositary. He second fund was raised in February 2022, just two years ago, raising 1.8 billion euros among 44 international institutions, which meant exceeding the initial target size by 450 million. On this occasion, the target size is 3.2 billion, while the maximum they will accept will be 3.6 billion euros.
Features of the new record fund
Within this venture capital fund, only institutional investors and family or personal assets “of a certain entity” will invest, since the Minimum capital they accept is ten million euros, although Asterion reserves the right to accept lower subscriptions. The Vehicle life is ten years once they achieve the first closing, standard in this industry.
The bottom will invest mainly in the United Kingdom, Spain, Portugal, Italy and France, although it will seek “opportunistic” acquisitions in Germany, Belgium, Luxembourg, the Netherlands, Finland, Sweden, Denmark, Norway, Iceland and the rest of the European Economic Area. Despite the enormous list of countries, you will be exposed to the Iberian Peninsula by more than 60%, you will never invest more than 40% in a country and it leaves the door open to investing 15% of the capital in non-European jurisdictions.
According to the document sent to the regulator, Asterion will invest between 150 and 300 million euros per company, as long as these are valued at less than 1,000 million euros. The vehicle may not allocate more than 15% of its capital in listed companies, nor more than 50% in a single sector of the aforementioned.
Asterion investments in Spain
The history of operations in Spain of the manager led by Jesús Olmos Clavijo is long. In the middle of last year he bought 75% of SSG Group, operator of more than 1,300 ambulances in our country. Half a year earlier he acquired Parkt, an urban mobility platform focused mainly on the integration and operation of outdoor parking. Among its first acquisitions stands out the purchase of eleven Nabiax data centers with 29 megawatts (MW) of power, located in Spain, the United States, Brazil, Mexico, Chile, Peru and Argentina, or Cableworldfiber network provider in the southeast of Spain;