BU Bregal Unternehmerkapital (BU) is targeting raising at least EUR 3.2bn for its fifth flagship fund, three sources familiar with the matter said.

The Swiss-headquartered manager registered BU Bregal Unternehmerkapital V in Luxembourg in June. Formal LP marketing launched in September, one of the sources said.

UBS has been mandated as the placement agent, another source said.

The group announced a hard cap close for predecessor vehicle BU IV at EUR 2.65bn in May 2024, according to a press release.

BU IV focused on making investments of between EUR 75m and EUR 300m to support regional and global mid-sized companies across the software, industrial technology, business services, and healthcare markets, the press release said.

In terms of geography, the investment manager concentrates primarily on the DACH region, and has a strong presence in Italy. BU recently announced it would enter the Dutch market with the opening of an office in Amsterdam and the appointment of Willem van der Veer as partner and head of Benelux.

Among BU’s recently announced realisations are Safety21 and Onlineprinters to a EUR 811m multi-asset continuation vehicle (CV), and stp.one to Septeo.

The GP has also recently launched a sale process for Reline UV Group, a German provider of glass fibre-reinforced (GRP) liners and cured-in-place pipe (CIPP) liner systems, as reported.

Based in Zug, Munich, Amsterdam, Milan, London and Luxembourg, BU was founded in 2015, with EUR 7bn raised to-date, and over EUR 4.4bn in invested capital over 180 investments, as per its website.

The firm was founded in 2015 and has EUR 17bn raised to date, completing over 180 investments.

BU and UBS declined to comment.