Parallel in Spanish venture capital tie-up
SPAIN/UK – London based private equity investment managers, Parallel Ventures Managers (Parallel), has moved into the Spanish market with the announcement of a new link-up with Spanish private equity investment and advisory firm, Excel Partners.
The deal completes Parallel’s European “team”, having already established relationships with Acland in France, Equivest in Germany and Emerald in Italy. In the UK Parallel is affiliated to both Barclays Private Equity (BPE) and the Royal Bank Private Equity (RBPE).
Using the knowledge of these local based affiliates in conjunction with the European resources of its UK affiliates, Parallel aims to invest, on behalf of its clients, up to 40% of its future annual portfolios in Europe. The value of these investments is expected to be around £200m (€323m) per year.
Says Paul Whitney, chairman of Parallel: “The relationship with Excel Partners, together with those previously announced, will greatly enhance our ability to provide a broad range of European investments with the benefit of local knowledge.”