Argos Soditic has Announced the Successful Close of Euroknights VII at its cap of €520M
Euroknights VII is the successor fund to Euroknights VI, a €400m fund, which made 15 investments, has exited three of those at a 2.7x multiple and 37% IRR and already returned 57 % of invested capital.
The investor base has been expanded with a number of new relationships from all over the world, reinforcing key relationships with existing investors. 41% of commitments come from European investors (including Switzerland and the UK), 34% from Asian, Middle East and Australasian and 25% from Northern America investors. Euroknights VII is mainly backed by pension funds (24%), funds of funds (24%), sovereign wealth funds (17%) and insurance companies (16%).
The cap of €520 million, representing a 30% uplift compared to its predecessor fund, was agreed with certain new investors and resulted in the fund being oversubscribed.
Fund VII will continue Argos’s strategy of adding value through transformation of difficult, unusual, complex or special situations. It is already 33% deployed into five companies all acquired through typical “Argos type” transactions.
The Argos team comprises 47 people of 10 nationalities based in six offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris. Since its creation in 1989, the group has executed over 75 Management Buy Outs (MBO), Management Buy Ins (MBI), and complex carve-outs transactions in mid-market European companies.
Guy Semmens, Partner: In 2016-2017, we have invested more than €300m in nine promising and ambitious transformation plans and returned €300m to our investors through realisations. It is always an exciting moment to kick off a new investment cycle and welcome new investors to an Argos fund, as well as welcoming back those investors whose continued faith in our unusual strategy is so important to us. The pipeline of both acquisitions and exits for 2018 is impressive and we look forward to delivering value for our investors in the years to come.
Constance Jay, Investor Relations: We are really delighted to have received the support of top-tier existing and new investors not only in our core countries but across the world. We are conscious of our unusual set-up and approach and are really happy these investors decided to partner with us. We will continue to create strong sustainable value through the transformation of the businesses we acquire.
Source: Argos Soditic press release