German private equity house Beyond Capital Partners has purchased lighting technology company LDBS Lichtdienst as it moves towards a first close on its inaugural fund seeking to invest exclusively in the mittelstand – the small and medium-sized businesses that form the backbone of the German economy.

The firm, which is looking to raise €120 million for its first fund, is targeting a first close - the point at which a fund typically begins investing capital - towards the end of the first half of 2016, Christoph Kauter, a managing partner at the firm, said.