N+1 Private Equity, one of Spain’s oldest private equity houses, is exploring a stapled secondaries deal to boost fundraising efforts for its third fund, according to people familiar with the matter.

The transaction involves N+1 Private Equity Fund II, which closed on €304 million in 2008, and Mercapital Spanish Buyout Fund III, a €550 million vehicle which N+1 Private Equity inherited following the merger between N+1 Private Equity and Mercapital in July 2012.