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Edmond de Rothschild holds first closing of Winch Capital 2

Edmond de Rothschild Investment Partners has completed the first closing of its Winch Capital 2 growth-capital fund for EUR175m.

This initial amount already exceeds the size of Winch Capital 1 (EUR165m), raised in December 2005 by the same team.
Pierre-Michel Passy (pictured), chairman of Edmond de Rothschild Investment Partners, says: ‘In a difficult period for the private equity industry, raising EUR175m for this new fund within a mere three months of starting our sales initiatives testifies to the renewed confidence that investors place in our team and in its ability to support growth in the companies in its portfolios. The historical performance achieved by our growth-capital funds and our access to numerous investment opportunities were key factors in the success of this fund raising. We are now targeting a second closing in October 2009 at around EUR200m and a final closing at the very start of 2010 for a maximum amount of EUR250m.’
CNP, MACSF and Swiss Life, who were present in the first generation fund, have decided to participate in the new fund. There is also interest from new investors including the Caisse des Dépôts (in the context of the France Investissement programme), BNP Assurances, OFI Private Equity, and high net worth individuals.

Like its predecessor, Winch Capital 2 will partner entrepreneurs who are significant shareholders in their own companies, helping them to implement their development plans.

The fund targets profitable companies, with a solid presence in their markets and revenues of between EUR20m and EUR250m. The fund will invest between EUR5m and EUR15m in each portfolio company.

Edmond de Rothschild Investment Partners currently manages EUR700m through three specialised teams whose members are shareholders in the management company: growth-capital, life sciences and innovation mutual funds.

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