Eurazeo has held the final closing of its fourth secondary programme at EUR 1.0 billion. The capital raised includes EUR700 million for Idinvest Secondary Fund IV, exceeding its initial target of EUR600 million, and EUR300 million of additional secondaries capital raised from private individuals.
The previous secondary programme closed on EUR570 million of commitments in 2017.
Eurazeo has been active in the secondary market since 2003 and has closed over 100 secondary transactions. Eurazeo’s secondary focus is to capture attractive European mid-market secondary opportunities in mature private equity funds or through acquiring portfolios of selected companies.
This fourth secondary program received strong demand from institutional investors from around the world including sovereign wealth funds, pension funds, insurance companies, foundations, family offices and individuals.
Christophe Simon, Managing Partner and Head of Secondaries at Eurazeo, says: “We are very grateful for the support and trust of our investors in such unusual times and are proud to have exceeded our initial fund-raising target. We believe the growth of our secondary activity reflects the increasing client demand of our niche positioning in the European mid-market and our recognised expertise in arranging sophisticated GP-led transactions, and the benefits brought by the unique sourcing and execution capabilities of the Eurazeo platform.”
Christophe Bavière, Senior Managing Partner, Member of the Executive Board, adds: “This fourth secondary program saw strong demand from investors and successfully closed above target despite the pandemic. This current secondary program is already 36% deployed into mature secondary transactions in the European mid-market, which we believe presents a sizeable, attractive and under-exploited segment of the much larger mainstream secondary market.”