Duke Street Capital, the private equity firm, has launched a new Madrid-based subsidiary, Iberduke Capital Partners, to invest in the Spanish and Portuguese markets.

Iberduke Capital Partners is currently raising its first fund, which had its first close at €80m (€71m), with a final target of €120m by the end of the year. The fund will focus on mid-market buy-outs with an average enterprise value of €30m to €300m, in the leisure, media and content and business support services sectors.