Inveready Closes €20 Million Search Fund Vehicle

✦ Meridian Analysis

Inveready has closed its first search‑fund vehicle, Inveready Searchers IFCRE, after raising €20 million in a single month. The Barcelona‑based asset manager acted as issuer, with the fund’s management team contributing 12 % of the capital (about €2.4 million) and the remainder coming from a range of family offices. The vehicle is structured to provide direct co‑investments in search‑fund‑led acquisitions of mature European SMEs, targeting firms with €1–3 million EBITDA, high recurring revenue and strong cash conversion. The fund already holds four portfolio operations—two in Spain and two in other European countries—and has committed to invest in eight additional search funds across Spain, France, Italy and the UK. Earlier this month, Meridian reported Inveready’s €3.5 million round for biotech Hawk Biosystems. What remains unclear is the final size of the fund once co‑investments are fully committed, the specific allocation of the €20 million across current and future deals, and the timeline for deploying capital. Investors will also watch whether Inveready will pursue larger stakes or simply provide minority participation in the search‑fund acquisitions it supports.

The Meridian Weekly