Mexican private equity firm Nexxus Capital has held a first close on its Nexxus Iberia Private Equity Fund I after raising €130m, making it just €70m off its target.  

(AltAssets) Mexico City-based Nexxus Capital has held a first close of its latest private equity after raising €130m.

Nexxus Iberia Private Equity Fund I is now just €70m off its target after a number of new limited partners and returning investors committed to the vehicle.

Upon final closing, the fund will provide capital to small and mid-sized companies throughout Spain while supporting them to grow in Europe and Latin America.

It will acquire both minority and majority stakes in businesses across fragmented industries that have high growth potential.

The vehicle will invest between €10m and €25m in up to 10 businesses throughout its life.

The firm expect to start investing the capital raised in the coming months.

Managing partner Maite Ballester said, “We are truly excited to reach a first closing with more than half of the fund’s target. The fund has a very interesting pipeline of Spanish companies with large growth potential and very solid business fundamentals that allowed them to navigate properly through the Spanish economic crisis of the past years.”

Cornerstone Fund Placement is advising Nexxus on the fundraising process.

The firm has been investing since 1995 and is one of Mexico’s largest asset managers.

Last summer, it exited apparel business Moda Holdings after six years, selling it to Acritus.