Spanish private equity manager Inveready has set up and registered a second 50 million investment vehicle, Inveready Convertible Finance II, with the Spanish National Securities Market Commission (CNMV) to invest in European alternative markets.
The manager’s first fund in this category, Inveready Convertible Finance I, invested in Spanish BME Growth listed companies such as Gigas Hosting, VozTelecom, Clerhp, Nextil, Agile Content, Atrys Health, Netex Learning and Izertis, and made its debut on Euronext Growth Paris and London’s AIM by investing in Belgian company AudioValley and Italian-British company SEC Newgate respectively.
In 2020, the fund made its first divestment with the takeover bid by UK-based Gamma Communications for VozTelecom. This transaction enabled Inveready to realize a return of nearly 3 times the money invested. In addition, the fund currently enjoys significant latent capital gains from the rest of its portfolio of investees.
The new investment vehicle will invest between 1 and 5 million in listed growth companies that need a financial partner to finance M&A transactions, address capex expansion plans, develop new products or expand the company into new geographies.