Anacacia reaches Fund II final close
Anacacia has reached a final close on its second fund, Anacacia Fund II, at a hard-cap of A$150 million. The fund, which was first launched in July last year with a target of A$50-100 million ($44-89 million), reached its first close of A$80 million within three months of launching, closely followed by a second close at $125 million in November.
The final allocation was more than three times oversubscribed.
The fund, which counts major Australian, US and European institutional investors among its LPs, made its first investment in February when it invested in K-Care Healthcare Equipment, the former healthcare business unit of Hills Holdings.
Anacacia is now looking for more new investments, focusing on profitable companies with revenues of at least A$20 million.
"We are very focussed on ensuring we make disciplined investment decisions consistent with our strategy to back strong management teams in first class small-medium enterprises," said Jeremy Samuel, managing director of Anacacia in a statement.
"Rafferty's Garden and Home Appliances were both classic Anacacia type investments and we are on the lookout for more similar businesses that we can assist to manage succession and growth".
Anacacia completed the buyout of Rafferty's in 2010 alongside SalesLink Australasia, investing A$50 million. It recently exited the company to London-listed PZ Cussons for GBP42.2 million ($64 million), generating a 10x return. Home Applicances was exited in March to kitchen utensils specialist McPherson's for A$22 million, reaping a 5x money multiple and an IRR of over 90%
This latest vehicle follows Anacacia's maiden fund with reached a final close of A$52.75 million in 2007 and, according to Anacacia, has already returned more than double its capital to investors with half the portfolio companies still unrealized.
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