Magnesium Capital, an emerging manager founded by former executives of Apax Partners, has hit the €135 million hard-cap for its debut fund, which is focused on buyouts relating to the energy transition, the firm said on Tuesday.
The firm experienced “quite strong interest” from impact driven LPs, said partner Daniel Wild, who told New Private Markets that the firm could have “gone substantially above” the hard cap.
The firm did not publicly disclose the investors in the fund. According to the NPM database, the limited partners include pension funds, such as the Alaska Retirement Management Board in the US and the Hampshire County Council Pension Fund and London Borough of Barking & Dagenham Pension Fund in the UK. Asset management businesses like Commonfund’s CF Private Equity and Morgan Stanley have committed capital, as well as listed UK private equity investor CT Private Equity Trust.
Magnesium focuses on “profitable European companies with proven technologies or tech-enabled services that are positively impacting the decarbonisation of the production, distribution and consumption of energy”, according to its website.
The firm has been deploying capital on a deal-by-deal basis for around eight years. It has completed seven platform investments and exited two for a gross multiple of invested capital of 4.2x, the firm said. All the firm’s deal-by-deal investors participated in the first close of Fund I, which happened in April 2023, said Wild.
The firm was co-founded by Ian Jones, a long-time senior executive at Apax Partners, and Matts Lundgren, a former technology executive. Lundgren was CEO of Hansen Transmissions when it was acquired and subsequently exited by Apax Partners. He later joined Apax as an operating partner.
Triago acted as placement agent for the fund. Simpson Thacher & Bartlett acted as legal counsel and PwC as tax advisers.
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