Fidelium Partners, a special situations investor based in Munich, has closed its debut fund on €103m.

Fidelium, founded by managing partners Dominik Beck and Rafal Grabarkiewicz, received backing from a select group of German business families. The firm plans to back between ten and 15 companies from the fund.

Fidelium will focus on acquiring majority stakes in orphan and underperforming assets from large conglomerates, as well as other special situations such as succession, relocation, restructuring or a difficult banking situation. Target companies will be based in Europe and have turnover of between €30m and €500m.

Prior to founding Fidelium, Beck spent spells at Quantum Group, where he was involved in identifying, assessing, and executing new investments, and Aurelius, where he was an investment associate.

Grabarkiewicz was previously a managing director at Aurelius, where he worked on a range of deals in the special situations space.

Fidelium was advised by K+L Gates LLP throughout the fundraising process.