MUNICH PRIVATE EQUITY PARTNERS

Your access to the world´s top private equity investments

MUNICH PRIVATE EQUITY PARTNERS

Your access to the world´s top private equity investments

We build focused portfolios providing access to the best lower mid-market buyout fund managers in Europe and North America.

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in

1

Focus & Alignment
One product line in one asset class

100+

Lower Mid-Market Specialist
Fund investments completed since 2011

94%

Access
Fund investments heavily oversubscribed

3.9x

Outperformance
Average exit
MOIC*

* Gross multiple on invested capital across 95 full realizations.

We build focused portfolios providing access to the best lower mid-market buyout fund managers in Europe and North America.

1

in

1

Focus & Alignment
One product line in one asset class

100+

Lower Mid-Market Specialist
Fund investments completed since 2011

94%

Access
Fund investments heavily oversubscribed

3.9x

Outperformance
Average exit
MOIC*

* Gross multiple on invested capital across 95 full realizations.

New normal calls for private Equity

Continued uncertainty in the financial markets and high inflation continue to put pressure on institutional investor’s portfolios. In order to face this challenge, most are seeking to increase their exposure to alternative investments. Private equity is the most mature and proven asset class within alternatives with a very attractive risk-reward profile. Fund of funds are perfectly suited to take advantage of the asset class‘ high absolute returns while minimizing general risks associated with equity investments through appropriate diversification.

Do not settle for second best

Our mission is simple in its essence: We serve our clients by providing access to the most successful and sought-after buyout and growth managers in the attractive European and North American lower mid-market segment. While this promise is not unique, you can be certain that we will not settle for second best as we believe in outperformance by partnering with the industry’s elite. Our pure play approach – one product in one asset class – allows us to be fully focused and highly aligned with our investors.

New normal calls for private Equity

Continued uncertainty in the financial markets and high inflation continue to put pressure on institutional investor’s portfolios. In order to face this challenge, most are seeking to increase their exposure to alternative investments. Private equity is the most mature and proven asset class within alternatives with a very attractive risk-reward profile. Fund of funds are perfectly suited to take advantage of the asset class‘ high absolute returns while minimizing general risks associated with equity investments through appropriate diversification.

Do not settle for second best

Our mission is simple in its essence: We serve our clients by providing access to the most successful and sought-after buyout and growth managers in the attractive European and North American lower mid-market segment. While this promise is not unique, you can be certain that we will not settle for second best as we believe in outperformance by partnering with the industry’s elite. Our pure play approach – one product in one asset class – allows us to be fully focused and highly aligned with our investors.

MPEP Specialist Private Equity

SPECIALIST

Specialist PE fund investor with
focus on lower mid-market
buyout segment

MPEP Access Icon

ACCESS

Proven access to the best and
most sought-after lower
mid-market buyout managers

MPEP Outperformance

OUTPERFORMANCE

MPEP’s portfolio managers
consistently outperformed the
market

MPEP Focus & Alignment

FOCUS & ALIGNMENT

Sole concentration on
primary private equity fund
investments ensures full focus and full alignment of interest


The MPEP investment programmes offer investors unique access to portfolios composed of the most highly sought-after lower mid-market buyout and growth fund managers, who have consistently demonstrated outstanding performance. We focus on mature private equity markets in two regions.

North America
The U.S. private equity market is the broadest and most mature in the world. It provides highly attractive characteristics for private equity deal making, such as liquid capital markets, attractive taxation, a deep pool of high-quality management teams, a unique entrepreneurial culture and a broad and comparatively homogenous domestic market.

Europe
Europe is the second most mature and important private equity market in the world. Despite the growth of centralized law making from the European Union, Europe remains a diverse investment region, with distinct cultures, work practices and legal systems. This fragmented nature offers manifold opportunities for domestic and sector focused private equity funds to create value.


MPEP I
MPEP‘s first fund of funds programme was launched in 2014. It closed at €131 million and invested in 13 private equity funds.

MPEP II
In 2015, MPEP launched its second fund of funds programme, which successfully closed on €86 million of total capital commitments. MPEP II invested in 13 private equity funds.

MPEP III
MPEP‘s third programme was launched in 2017 and collected total capital commitments of €162 million. MPEP III invested in 20 private equity funds.

*refers to MPEP‘s core strategy and excludes Asian and Secondary fund of funds programmes

Separately managed accounts allow institutional investors to customise a private equity portfolio to exactly meet their individual needs.

MPEP designs unique solutions with tailored specifications regarding

  • investment region
  • investment stage
  • market segment
  • industry focus

The mandate includes the design and planning of the investment strategy in close cooperation with the client, the execution of this strategy with the clients desired degree of involvement in decision-making, and the managing of the private equity portfolio.

Whether you are interested in more flexible portfolio construction, niche market opportunities to complement your existing portfolio, or access to a custom service plan: A managed account means for you the combination of our expertise, network and access to the best-in-class private equity funds based on your individual requirements.

PORTFOLIO

MPEP provides proven access to the world‘s best and most sought-after private equity funds. These managers have the passion and expertise coupled with a clear vision of how they can create value together with their target companies. A selection of existing relationships with significantly oversubscribed funds is displayed below.

AccelKKR

Accel-KKR

Accel-KKR is a leading technology focussed private equity firm. Through its offices in Menlo Park, CA, Atlanta, GA, and London, the firm is dedicated exclusively to investing in lower mid-market software and technology enabled companies. The manager focusses on generating value in its portfolio companies through profitable growth rather than through financial engineering. Typical transactions for Accel-KKR could include acquisitions of founder-owned or closely held private companies, buyouts of divisions or business units from public companies, take private transactions and structured minority equity transactions.

Carlyle Europe Technology Partners

Carlyle Europe Technology Partners

Carlyle Europe Technology Partners (CETP) is a pan-European growth and small-cap buyout fund predominantly investing in technology, media and telecom companies. CETP seeks to partner with entrepreneurs and management teams and invests in businesses with substantial potential for growth which typically have enterprise values between €25m and €250m.

Corpfin

Corpfin Capital

Corpfin Capital was founded in 1990 and is one of the most established Spanish lower mid-market managers. It typically invests in majority situations across a range of sectors. Corpfin’s investment team has a strong network that ensures direct access to companies. Another proven strength of the manager is its ability to construct sophisticated and flexible structuring solutions for its target investments.

Industrial Growth Partners

Industrial Growth Partners

Industrial Growth Partners (IGP) is a private equity firm specializing in privately held lower middle market companies. IGP is one of very few investment firms in the U.S. that focus exclusively on the manufacturing sector. The firm invests equity in a wide range of transactions involving a change of ownership and also provides growth capital to privately held companies that require capital in order to expand their businesses. IGP principals bring unique industry experience, insights and guidance to the management teams of its portfolio companies to help drive transformational growth.

Inverness

Inverness Graham

Inverness Graham, headquartered in Newtown Square, U.S., is an operationally focused private investment firm that acquires high growth, innovative manufacturing, technology and service companies. Inverness Graham has been founded by senior executives of the Graham Group, a family owned multi-national industrial concern. The investment firm partners with businesses with differentiated offerings, that compete in growing attractive markets, have strong sustainable cash flows and are capital efficient.

Keensight

Keensight Capital

Keensight Capital (Keensight) is a pan-European growth buyout investor headquartered in Paris, France, with deep expertise in healthcare and IT. It partners with the management teams of fast growing and profitable companies, which typically have enterprise values between €20m and €200m. Keensight supports its portfolio companies with capital, strategic guidance and operational support.

Livingbridge

Livingbridge

Livingbridge is a private equity firm specializing in replacement capital, management buy-out, secondary buy-out, and management buy-ins in the lower mid-market and middle market. The firm does not invest in start up and early stage investments. Livingbridge invests from £2m to £70m in fast-growing companies. With UK offices in London, Birmingham and Manchester and an Australian office in Melbourne, Livingbridge has teams on the ground locally who can provide support to their portfolio companies on a daily basis.

Mangrove

Mangrove Equity Partners

Mangrove Equity Partners (Mangrove) is a small market manager headquartered in Tampa, Florida. It sponsors owners and operators in management buy-outs, management buy-ins, majority recapitalisations, family successions and industry consolidations in the U.S.. The cornerstone of the Mangrove model is to buy North American companies and then grow and professionalise these through a combination of strategic, leadership, operational and financial improvements.

Seidler

Seidler Equity Partners

Seidler Equity Partners (Seidler) is a Los Angeles based manager focussed on growth investments in the North American lower mid-market. The cornerstone of Seidler’s model is to focus on companies with strong potential for organic growth that are generally the market leader within a specific niche. Seidler specialises in transactions that traditional investment firms are not well equipped to complete: purchasing minority equity positions, using little or no debt and providing an extended investment horizon.

Shamrock

Shamrock

Shamrock Capital Advisors (Shamrock) is a closely held private equity buyout group that acquires, manages and builds companies in partnership with existing management. Shamrock specialises in management buyouts, owner recapitalizations, consolidation strategies and family successions. They partner with management groups on results-oriented strategic planning, operations improvement, sales and marketing strategies. Shamrock concentrates on working with small to middle market profitable companies with revenues of US$5m to US$50m and positive EBITDA.

Tenzing Private Equity

Tenzing Private Equity

Tenzing Private Equity Ltd. (Tenzing) is an independent private equity fund manager founded in 2015 that targets buyout investments in high growth SMEs across the UK and Ireland. The manager’s investment criteria is perceived to be highly focused and stringent, which allows Tenzing to identify high quality growing and established businesses that are scalable. As a result of its stringent investment criteria, Tenzing naturally has a strong focus on high growth technology companies and tech-enabled business models that have the potential to take on a market-leading position or are already market leaders.

Xenon Private Equity

Xenon Private Equity

Xenon Private Equity (Xenon) has a team with three decades long experience teaming up with family owned companies looking for operational support to manage transition, replacement or growth projects. Xenon acts as co-owners and consider themselves personally accountable for the steering of investee company operations. The team comprises professionals with mainly industrial and operational backgrounds that accrued their previous experience as equity investor only in connection with small to medium size companies. This diversity ensures a rich mix of ideas and skills that can be applied to each potential deal opportunity or value creation project.

UNDERSTANDING

MARKET FOCUS

Private equity generally describes investments in privately held companies. The asset class has a relatively low correlation to other asset classes while generating long-term excess returns, which makes private equity so attractive for the world’s most renowned institutional investors. We have a preference for managers investing in “mature” mid-market companies in established economies. These companies, we perceive as being best positioned to offer the potential for superior risk-adjusted returns for the following reasons:

  • Balanced: Favorable ratio of private equity capital to potential target companies
  • Conservative: Low entry multiples and prudent leverage add to attractive risk-reward profile
  • Upside: Companies typically offer the full spectrum of value creation initiatives
  • Flexible: Multiple exit routes due to large universe of strategic and financial buyers
MANAGER SELECTION

We are enthusiastic about our partners and we are eager to understand organisations and their people. That is why our selection is not purely based on facts and figures. It is also based on long-lasting personal relationships, which are crucial for a reliable and successful partnership. Nevertheless, a rigorous in-depth due diligence is essential and a mandatory duty for every fund investment. Our selection principles are the following:

  • We target market leaders in the entry, enhancement or exit phases of investments.
  • We prefer managers with a differentiated strategy to source and win deals.
  • We are biased towards managers who create strategically relevant assets.
  • We seek managers with a strong, proven and replicable track record across cycles.
  • We consciously build portfolios of managers with a blend of investment styles.
  • We seek to partner with established and experienced managers.

Our values underline what inspires and drives us and what significance we ascribe to our relationships with our clients, partners and colleagues.


We will maintain the highest standards of customer service at all times

We will be fair and respectful in our dealing with all parties

We will strive to create a positive working environment at all times

We will demonstrate a relentless dedication to improvement

We believe that taking into consideration of sustainability aspects helps to drive long-term value creation for our clients, employees and the society at large. The long-term nature and ownership model of the private equity asset class essentially supports this approach.

MPEP is a signatory of the United Nations Principles for Responsible Investment (UNPRI).

MPEP has been considering sustainability risks (ESG), in particular sector-specific risks, in its investment decision taking already for many years. Each fund investment opportunity is evaluated from an ESG perspective. The resulting ESG evaluation is an integral part in our decision-making process and disclosed to the Investment Committee. ESG is accordingly integrated into our internal policies.

MPEP’s remuneration policy is consistent with the integration of sustainability risks. Incentives are not provided that are expected to remain unaffected by the negative impact of any sustainability risks on long-term performance.

No consideration of adverse investment decisions on sustainability factors

MPEP funds are invested predominantly indirectly, i.e. through its target funds, in various portfolio companies around the world. Many of these portfolio companies are currently not subject to comparable transparency obligations as laid down in Regulation (EU) 2019/2088. This currently increases the difficulty in assessing the adverse impacts of investment decisions on the sustainability factors according to Article 4(1) of the Regulation (EU) 2019/2088. To this end, MPEP currently does not consider adverse impacts of investment decisions on sustainability factors within the meaning of the Article 4(1) of the Regulation (EU) 2019/2088.

For more information with regard to the Sustainable Finance Disclosure Regulation on MPEP V Europe SCSp level in alignment with Article 8 of Regulation (EU) 2019/2088, please click here.

For more information with regard to the Sustainable Finance Disclosure Regulation on MPEP V North America SCSp level in alignment with Article 8 of Regulation (EU) 2019/2088, please click here.

For more information with regard to the Sustainable Finance Disclosure Regulation on MPEP Fund SCA SICAV-RAIF - MPEP V EU level in alignment with Article 8 of Regulation (EU) 2019/2088, please click here.

For more information with regard to the Sustainable Finance Disclosure Regulation on MPEP Fund SCA SICAV-RAIF – MPEP V North America level in alignment with Article 8 of Regulation (EU) 2019/2088, please click here.

* Disclosure in accordance with the Regulation (EU) 2019/2088

ABOUT US

MPEP was initially established in 2011 as investment advisor and raised its first Fund of Funds in 2014 through its fully regulated AIFM (MPEP Luxembourg Management S.à r.l.), supervised by the CSSF. We are a specialist for private equity fund investments with a focus on the mid-market, one of the most attractive private equity segments in terms of risk-adjusted returns. Through our pro-active approach and established relationships to some of the most sought-after lower mid-market managers, we offer our clients meaningful access to high-quality investment opportunities through annual programmes.

Over the years, we have consistently demonstrated access to a large number of highly oversubscribed top quartile funds. Our team members have diverse backgrounds, but share a common passion for private equity and the people behind it. This passion and our continuous pro-active approach are an integral part of our past achievement and also enable us to prevail in an increasingly competitive environment. We are dedicated to constantly improving and to continue providing our clients access to the world’s top private equity funds.

Munich Private Equity Partners is a collective of MPEP Luxembourg Management S.à r.l. (AIFM) and Munich Private Equity Partners GmbH (investment advisor).

Christopher Bär

CHRISTOPHER BÄR

Christopher Bär is a Founding Member and Managing Director of MPEP and holds a board position in the AIFM. He is primarily responsible for portfolio management and serving on MPEP`s investment committee. Christopher worked within several affiliates of MPEP’s parent company since 2008. In his most recent prior role, he was already an investment committee member and led the North American private equity investment efforts as well as served on several advisory boards of private equity funds.

Christopher holds a Master’s degree in Business Administration (“Diplom-Kaufmann”) and participated in the largest European academic research project regarding value creation in private equity buyouts. He has earned the Chartered Alternative Investment Analyst (CAIA) professional designation. Christopher has worked for more than a decade in the private equity business and is an acknowledged industry expert.

David Schäfer

DAVID SCHÄFER

David Schäfer is a Founding Member and Managing Director of MPEP and holds a board position in the AIFM. He is primarily responsible for portfolio management and serving on MPEP`s investment committee. David worked within several affiliates of MPEP’s parent company since 2008. He is a banker and started his career in 2000 within the regional state bank Helaba. Prior to joining MPEP’s parent company, David wrote his diploma thesis in the private equity department of a German insurance company.

He studied financial management and international business and holds a Master’s degree in Business Administration (“Diplom-Kaufmann”) as well as a Private Equity Advisor certificate from the European Business School. David worked for more than a decade in the private equity business holds several advisory board positions on private equity funds around the globe.

Liliane Armel

LILIANE ARMEL

Liliane Armel is a Managing Director at MPEP and has been working in the Luxembourg office since its inception in 2014. Prior to her current position, she was active in various management positions in banks and fund management companies in Belgium and Luxembourg and – most recently – in a regulated service provider for corporate and fund administrative services.

She holds a B.S. in Finance from Solvay Business School (ULB) and acquired the CFA Charter in 2004. Within MPEP, she is responsible for areas such as risk and liquidity management, daily operations, valuation and accounting.

Horst Güdel

HORST GÜDEL

Horst Güdel is a Founding Member and Managing Director of RWB Group and MPEP and serving on MPEP`s investment committee. Horst is a banker by trade and has over 20 years of experience as an investment manager for private equity fund of funds. Over the last two decades Horst has been responsible for sales and portfolio management of the RWB Group and is working very closely with Christopher and David since 2008. Prior to co-founding the firm

Horst was working at Barclays Bank, BMW and held various positions at renowned building associations. Horst has served on numerous advisory boards of private equity funds and has an excellent international network to managers in the Private Equity industry. He has been delivering talks at international conferences and is a published author on private equity subjects.

News

Press contact: Alexandra Jegers | Tel. +49 89 6666 94-568 | alexandra.jegers@mpe.ag

CAREER

Munich Private Equity Partners is one of Europe‘s leading private equity houses with a focus on the lower mid-market buyout segment. We offer an attractive working environment based on performance, appreciation and an entrepreneurial mind-set. Working for MPEP means in-depth exposure to the buyout segment worldwide and opportunities for professional and personal development within a successful firm.

Our open positions

No suitable job offer? Then we look forward to your unsolicited application. Please email your application to info@mpep.lu.

ASSOCIATIONS

contact

TELEPHONE

+352 27 86 17 20

EMAIL

ADDRESS

26, rue Louvigny
L-1946 Luxembourg
Luxembourg

Visit the website of our partner and investment advisor Munich Private Equity Partners GmbH – www.mpep.com

contact

TELEPHONE

+352 27 86 17 20

EMAIL

ADDRESS

26, rue Louvigny
L-1946 Luxembourg
Luxembourg

The products, services, information and/or materials contained within this Website may not be available or permissible for residents of certain jurisdictions.

Information contained in this Website should not be considered an offer to sell or a solicitation of an offer to buy or subscribe for an interest in any investment vehicle or any other securities, to or from any person in any jurisdiction where (by reason of that person’s nationality, tax residence or otherwise) the publication or availability of the Website is prohibited. Any offer to invest based on the content of this Website will not be capable of acceptance. Persons who visit this web site should comply with these restrictions. Any failure to comply with these restrictions may constitute a violation of distribution and securities law in any applicable jurisdiction and persons in respect of whom such prohibitions apply must not access the Website and should disconnect from this Website immediately.

The information herein is directed at “Well-Informed Investors” as defined under article 2 of the Luxembourg law of 13 February 2007 on specialised investment funds, as amended. If you are not a Well-Informed Investor, the material referred to herein is not suitable for you. We have had no prior contact with you and had no opportunity to verify if you are eligible for visiting this Website. By continuing to visit our pages, you agree to the foregoing.

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DEVELOPMENT OF THE RWB EVERGREEN

Information concerning voting rights policy

Goal of voting rights policy

For us as an AIFM the highest priority is to preserve and handle the interests of our investors. In this context, the AIFM considers it as its duty exercising the voting rights attached to the managed assets.

The goal of our voting rights policy is to describe how and according to which principles the AIFM exercises its voting rights associated with the investments of our managed AIFs at the general meetings. Particular attention is paid to ensure that the exercise of voting rights is in line with investors’ interests and the Fund’s investment policy.

Based on the low percentage of voting rights held an AIF has little influence to the target funds and their management. Typically the quota is far from holding blocking minorities as well as exceeding relevant thresholds
(3 %, 5 %) for securities markets. Moreover in general meetings nearly all voting rights are present. The scope of decisions to be taken is anyhow limited. Instead most relevant aspects are dealt within the target funds constitutional documents.

In very unusual cases, an AIF managed by us may hold shares in operating companies, in particular after a “distribution in kind” from a target fund. It is not intended to hold such investments for a longer term.

Principles of voting rights policy

The AIFM supports all sustainable measures of an active corporate governance policy which increase the long-term value of our investments in the interest of our investors.

In general the AIFM exercises voting rights attached to the managed assets in particular if it seems to be necessary to preserve investors’ interests or to be in line with Fund’s investment policy and always taking into account the resulting costs. Depending on the place of meeting the AIFM exercises voting rights itself or through a representative.

In the event that voting rights are exercised, the AIFM acts independently of the interests of third parties and exclusively in the best interests of the AIF and its investors as well as in consideration of the integrity of the market.

As part of its responsibility for managed client funds, the AIFM fulfills this obligation according to the following criteria:

Investor interests

Each interest should basically have the same voting right.

Quality of management

Members of board (executive board, supervisory board, board of directors) should be competent and largely independent and not subject to conflicts of interest.

Remuneration

The remuneration of members of board should be transparent and linked to the long-term success of the company.

Impartiality of auditor

The auditor, which is engaged for the review of the annual financial statements, should be independent and impartial. Remuneration should be in line with the market standard.

Reporting

Reporting should ensure the maximum transparency regarding business situation and development.

Regarding equity investments

Dividend policy

The dividend policy should be in line with the financial result of the company, the long-term corporate strategy and adequate to industry.

Capital measures and repurchase of shares

Capital measures should increase long-term value of the company. Each investor should have the same right regarding share buybacks.

Complaints Handling

MPEP Luxembourg Management S.à r.l. has implemented procedures for managing customer complaints which complies with the requirements of CSSF Circular 17/671 and CSSF Regulation 16-07 relating to the out-of-court resolution of complaints.

Any complaint concerning the funds or the management company may, together with a brief subscription of your contractual relationship with us, the problem that caused the complaint and supporting documents, be sent to:

MPEP Luxembourg Management S.à r.l.
To the attention of the Compliance Officer
26, route Louvigny
L-1946 Luxembourg
Grand-Duchy of Luxembourg


or via e-mail to compliance@mpep.lu

We will treat your complaint as follows:

  • An acknowledgement letter or email will be sent to you within ten business days as of the receipt of the complaint if the complaint cannot be closed before this timeline.
  • An update letter or email will be sent to you every four weeks to inform you of the progress of your complaint.
  • A final letter will be sent to you to inform you on the outcome of our investigation and the actions taken to resolve the complaint.

Where, in the first instance, you obtained no or a dissatisfactory answer, you may refer to our management board, including the information as above and a detailed and chronological statement of the steps already taken, to:

MPEP Luxembourg Management S.à r.l. To the attention of the Board of Directors 26, route Louvigny L-1946 Luxembourg Grand-Duchy of Luxembourg or via e-mail to info@mpep.lu.

Please be aware that there is an out-of-court dispute settlement procedure with the Commission de Surveillance du Secteur Financier (“the CSSF”), the Luxembourg financial services regulator.

Where a customer did not receive a response or satisfactory response within one month of a complaint being submitted to us, you may refer your complaint to the CSSF by the following means:

either by mail addressed to:

Commission de Surveillance du Secteur Financier
283, route d’Arlon
L-1150 Luxembourg

or by e.mail at the following address: direction@cssf.lu