Euroknights VII is the successor fund to Euroknights VI, a €400m fund, which made 15 investments, has exited three of those at a 2.7x multiple and 37% IRR and already returned 57 % of invested capital.
The investor base has been expanded with a number of new relationships from all over the world, reinforcing key relationships with existing investors. 41% of commitments come from European investors (including Switzerland and the UK), 34% from Asian, Middle East and Australasian and 25% from Northern America investors. Euroknights VII is mainly backed by pension funds (24%), funds of funds (24%), sovereign wealth funds (17%) and insurance companies (16%).
The cap of €520 million, representing a 30% uplift compared to its predecessor fund, was agreed with certain new investors and resulted in the fund being oversubscribed.
Fund VII will continue Argos’s strategy of adding value through transformation of difficult, unusual, complex or special situations. It is already 33% deployed into five companies all acquired through typical “Argos type” transactions.
The Argos team comprises 47 people of 10 nationalities based in six offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris. Since its creation in 1989, the group has executed over 75 Management Buy Outs (MBO), Management Buy Ins (MBI), and complex carve-outs transactions in mid-market European companies.