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Kempen Capital PE fund raises €158M in third close

Kempen Capital Management NV held a third close of its private equity fund, raising a total of €158 million, Private Equity News reported.

Kempen European Private Equity Fund, which has a €200 million target, invests in companies valued from €10 million to €150 million. It targets an internal rate of return on invested capital of 12% to 15%.

It will invest indirectly in one or two private equity funds and directly into companies, so the portfolio will back about 50 businesses, the report said.

Citing Sven Smeets, co-head of private markets, the publication said the fund has already made six investments, using about 25% of the committed capital. In June, Kempen acquired a stake in metal sheet maker Wilvo Group for an undisclosed sum.

The Amsterdam-based asset manager is running the vehicle as a hybrid fund and aims to build a diversified portfolio of investments across Europe, the publication said.