Novalpina holds 550 mln euro first close for debut fund

  • Firm: Novalpina Capital
  • Fund: Novalpina Capital Partners I
  • Target: 1 bln euros
  • Amount Raised: 550 mln euros
  • Placement Agent: Park Hill Group, Brooklands Capital Strategies

Novalpina Capital, the new firm launched by TPG’s former European investment chief, held a first close for its debut pool on 550 million euros ($645.5 million), a person with knowledge of the fund told Buyouts.

Novalpina is targeting 1 billion euros for its first fund, which will target middle- and upper-middle-market companies based in Western Europe, typically those with enterprise values of 200 million to 500 million euros.

The firm will likely hold a final close on Fund I in Q1 or Q2, the person said.

The firm is working with Park Hill Group and Brooklands Capital Strategies, a division of TPG Capital BD, on the fundraising, Buyouts has reported.

TPG’s former European chief, Stephen Peel, launched Novalpina earlier this year. Other key Novalpina people include ex-Centerbridge Partners executives Stefan Kowski and Bastian Lueken, who joined earlier this year from Platinum Equity. Prior to Platinum, Lueken from 1999 to 2009 worked on TPG’s European investment team.

Novalpina got a big boost from Oregon Investment Council, which approved a 200 million euro commitment to Fund I at its Nov. 1 meeting. The commitment is subject to final negotiation of terms and conditions.

Oregon investment documents showed that Novalpina planned to make a 75 million GP commitment to Fund I. This would be a 7.5 percent GP commitment should the firm hit its target.

Action Item: Check out Oregon’s investment memo here:

Photo of Stephen Peel courtesy of Lenta.