Portobello targets €600m hard-cap after reaching €500m first close

Spanish private equity firm Portobello Capital has reached a €500m first close for its fourth fund after just six months on the road.

The fund, which had an initial target size of €500m, is now on its way to hit the €600m hard-cap, Real Deals understands.

In May the firm received a €50m commitment from Spanish state fund-of-funds Fond-ICO Global.

News of the fundraising comes as Portobello makes the final investment from its third fund. The firm has acquired a majority stake in hotels and resorts chain Blue Sea.

Founded in 2010, Blue Sea operates its 22 hotels from its headquarters in Palma de Mallorca. Around 74 per cent of the resorts are owned, while the remainder are under rental and management schemes.

The company focuses on three and four-star hotels, and has about 3,300 rooms intended for clients looking for “value for money”. Blue Sea Hotels currently has over €55m in sales and Ebitda of more than €10m.

Portobello’s third flagship fund, which closed at €375m in 2014, has been fully deployed. The vehicle has been invested in nine companies – Vitalia HomeIANEYSAIberconsaLaulagun BearingsRamón Sabater, Trison, Centauro and Blue Sea. 

In 2015 the firm also raised its first secondaries fund, which includes five companies from its second flagship fund.

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