Fund will reinvest in two assets exited through M&A processes earlier in 2023
LONDON, December 13, 2023 – Leading international law firm Proskauer announced today that it advised AnaCap Financial Partners, a market-leading partner for founders and entrepreneurial management teams across services, technology and software within the European financial ecosystem, on the closing of its maiden Continuation Fund at circa €300mn.
The fund includes interests in leading German insurance broker consolidation platform MRH Trowe and tax services SaaS provider Gestión Tributaria Territorial, SA. AnaCap previously agreed to partial exits of both assets via M&A processes this year to TA Associates and Stirling Square Capital Partners.
The Continuation Fund emerged following the competitive auction process for MRHT that was concluded in March with AnaCap selling a stake to TA Associates whilst retaining a significant minority post-transaction. Additionally, the Continuation Fund will include the remaining minority stake in GTT following a similarly competitive auction that concluded in July and resulted in a majority exit to Stirling Square Capital Partners.
Proskauer has advised AnaCap in a long line of transactions including the two assets exited in this fund. Earlier this year, the team advised AnaCap Financial Partners on the sale a minority stake in MRH Trowe and advised in connection with the reinvestment terms relating to the sale of its majority stake in Gestión Tributaria Territorial, SA.
The Proskauer team included partners Richard Bull (M&A and Private Capital), Chris Elson (Private Funds), Nigel van Zyl (Private Funds) and associates Katie Bunce (M&A) and Oliver Temple (Private Funds).
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