Duke Street Capital Group and Finpro of Portugal, have set up Iberduke Capital Partners, a firm based in Madrid. The new private equity firm plans to raise EURO120 million for its first fund by year-end.
Iberduke Fund I has just completed its first close at EURO80 million and is focusing on mid-market buyouts with an average enterprise value of EURO30 million to EURO300 million. Duke Street owns a 51% stake in Iberduke. The fund is intended to be the first of several.
Iberduke will be targeting the leisure, media and content, business support services and diversified industrial areas sectors in which Duke Street has an established track record across Europe. The fund will be making a select number of acquisitions, probably only between two and four, from its first fund. It will focus on businesses with the potential to establish leading market positions not only in the Iberian market, but also across Europe.