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Finatem holds first close on second fund

Finatem, the German mid-market private equity house, has reached first close on its second fund with €74m. The Finatem Fund II was launched in January 2004 and hopes to reach a final close before year-end with a target size of between €125m and €150m.

Investors include Natexis Private Equity International and DZ Private Equity, as well as institutional investors from France, Germany and Austria.

The fund has already made an investment in German consumer healthcare company Baerbel Drexel. The plus €30m deal was completed in December.

Finatem, which is based in Frankfurt, is using Almeida Capital as placement agent.

The firm’s first fund was launched in 1999, with Natexis as the only investor. It has so far made five investments, and all the investee companies are involved in exit talks to some degree. Two exits are expected in 2004.