The SC Growth Fund II, the fourth investment vehicle that we have promoted at Suma Capital after SC Growth Fund I and the funds SC Climate Fund I and II aimed at fighting climate change, has reached its final closure with 160 million euros, about 30% above the target size we had set ourselves.
After a first closing in December 2019 at 60 million euros, the forecasts of reaching 125 million for the summer months of 2020 were upset by the difficulties caused by the Covid-19 pandemic, prolonging the expected maturation period of 12 months to about 16 months.
However, the return to business allowed us to attract new investors with oversubscription between September and May, which led us to raise the maximum size or initial hard cap to 160 million euros at the close of SC Growth Fund II.
This great result was possible mainly thanks to the renewed confidence of the investors of the previous fund, as well as the entry of both national and foreign institutional investors. Two-thirds of the fund’s resources come from institutional investors such as the European Investment Fund (EIF), to which funds of venture capital funds and pension funds from France, the United Kingdom and Switzerland have been added. The remaining third of the vehicle has been covered by various family offices.
Despite the recent formalisation of the closure, SC Growth Fund II already has two investments in its portfolio, which have resulted in the purchase of 55% of the shareholding of the Basque training courses platform Implika, and 25% of the Barcelona online video analysis software firm Npaw (Nice People at Work)
The investment strategy that we will implement at Suma Capital through SC Growth Fund II will remain faithful to our focus on profitable and high-growth Spanish SMEs, supporting entrepreneurs committed to dynamic and sustainable projects.
Our forecasts aim to carry out around 10 transactions of between 10 and 20 million euros of capital each, in companies in different business sectors and with a turnover of between 10 and 100 million euros, through both minority and majority capital investment.
Enrique Tombas, executive president of Suma Capital, emphasizes that “the launch of SC Growth Fund II is happening at a time when companies need a partner who provides responsible capital and experience in managing transformation and rapid growth situations. We will continue with the successful strategy of the previous fund, supporting dynamic and committed leaders, in order to join forces to build a future we believe in”.
