Headway invests in restructuring of Alter Capital fund

Alessia Argentieri
14 August 2018

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Headway Capital Partners has completed the restructuring of a fund managed by Seville-based GP Alter Capital Desarrollo.

Unquote understands that the vehicle is Al Aldalus Capital Fund, launched in April 2014 and closed in December 2015. The fund raised €9m, of which €6.2m was provided by the European Union initiative Jeremie – Joint European Resources for Micro to Medium-sized Enterprises. The fund has three companies in its portfolio – Clever Global, Dental Company and Clínica La Salud – and will continue to be managed by Alter on behalf of Headway.

The GP established a new vehicle, Alter Cap II, to purchase Al Andalus Capital's portfolio and provide follow-on investments to drive further growth in the companies.

Headway used its HIP IV fund for the investment. Unquote understands that the vehicle, which was launched in February 2017, has around €230m in commitments to date and is expected to hold its next close by the end of the year.

The lead investor in Al Andalus Capital Fund was a Spanish government-backed entity that supports growth in the Andalusia region. "This LP wished to generate liquidity now that the companies have matured since its original investment, while ensuring they have a new partner that could continue to support their growth," the GPs said in a statement.

Headway was able to provide a solution that addressed the needs of the LPs involved, which were given the option to remain invested or take liquidity, Unquote understands.

Alter specialises in investing equity tickets of between €1-4m in companies based in Catalonia and Andalusia, and takes active board roles, working closely with the management teams.

In addition to Al Andulus, Alter Capital has managed three funds: Aurica XXI and Ingenica Capital, both fully divested; and Invernova, which is currently in its disinvestment phase with only one company in its portfolio, Eurona.

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Headway Capital Partners – Sebastian Junoy (founding partner).
Alter Capital Desarrollo – Angel Gonzalez (partner).