Inveready closes €20 million search fund in a month, aims for up to €60 million

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Inveready has closed Inveready Searchers I, its first fund in search funds, at its €20 million target after one month of marketing. It is a fund for people who are, professionally, still looking: it backs searchers who find, buy and run profitable, established small and mid-sized European companies in mature sectors, with growing sales, recurring revenue and EBITDA above 10%. It takes minority stakes alongside other investors.

Family offices account for most of the commitments, none holding more than 5% of the fund, and the management team put in 12%. Through direct co-investment by its backers, Inveready aims for a total of €50 million to €60 million invested, which is a sensible way to make €20 million feel larger.

The fund already has four deals, two in Spain and two elsewhere in Europe, in fields from corrugated cardboard to robotics. It has also committed to eight new search funds in Spain, France, Italy and the UK.