Deutsche Beteiligungs (DBAG) has bucked a trend by capping off its latest fund above target on €700m after just four months, as the divide between the industry's weakest and strongest firms widens.
The German player's latest product is backed by more than 30 investors, who committed a combined €567m to the pot. DBAG contributed the remaining €133m.
DBAG Fund VI announced a first close of €451m in early July and was aiming to reach €650m before closing to further investment.
The former Deutsche Bank firm's last flagship buyout fund, the €539m DBAG Fund V, is now 80 per cent invested. DBAG expects to start investing from the new fund next year.
The Mittelstand investor's latest effort is a huge success and saw huge demand, according to board spokesman Wilken von Hodenberg. “We were by no means able to satisfy all subscription requests,” he said.
DBAG has made its LP base more international, with its fifth fund seeing 14 per cent of its commitments come from Asia and 25 per cent from the US, compared to just four and six per cent less than ten years ago.