Green light from the CNMV to the new venture capital fund of the managing partner Miura.
The governing body has just registered the Miura Fund IV, a vehicle waiting to reach the target of 400 million coins, while it could reach a maximum amount of 475 million.
It is a general fund, that is, multisectoral, with which Miura wants to continue its strategy of investing in medium-sized companies in different areas of activity, mainly family, through its three previous vehicles. In 2018, the Barcelona-based independent firm raised €330 million with Miura Fund III, which has almost completed its investment period.
With its new vehicle, Miura partners will be in control of companies in Spain and Portugal, mainly through operations that will move in the range between 15 million and 50 million euros. Up to a fifth of the fund’s total investment can be made beyond the Iberian market.
The firm led by Luis Seguí, co-founder and CEO, is looking for companies with solid business models and the will to grow, with a minimum of four million euros with ebitda.
Although it is a generalist vehicle, the Miura will prefer companies in the sectors where the manager, who was born in 2008, has gained experience over the past years, such as education, health, industry, business, services or restoration of the land.
The new venture capital fund, according to Article 8 of the European Sustainable Investment Regulation set up by the SFDR (Discovering Sustainable Standards), all its operations must comply with ESG obligations (environmental, social and corporate governance).
The manager does not have a specific calendar for the first closing of Miura Fund IV, although it is expected to happen before the end of the year. It must be considered that the current macroeconomic context, with rising interest rates and inflation, makes it difficult to attract investors.
In this sense, the Miura begins with the advantage of having a stable base of institutional investments from the United States, Europe and Asia, which have previously entered into other vehicles of the venture capital manager. Among the regular business firms are also some family offices.
With total assets under management of 100,000 euros, Miura Partners also has two special funds: the Miura Fruits Fund, for the fruit and vegetable sector – with Citri&Co as the star investor and the Miura Impact Fund, for impact investing. The firm proceeded in the summer of 2022 to the first closing of this last vehicle with nearly one hundred million, and its goal is to reach up to 150 million euros.
Last fall, Miura strengthened two companies in its portfolio through separate acquisitions: dental firm Proclinic bought Polish company Meditrans, and tile company Italcer acquired Italian company Fondovalle.