Idinvest Partners, a pan-European private equity firm, has held an interim closing at EUR205m of its new investment vehicle exclusively dedicated to senior debt.
The fund, Idinvest Dette Senior, aims to surpass EUR250m by its final close, expected for the end of June 2013.
The initial investors are mainly major insurance companies. With this new fund, Idinvest Partners raises its profile in corporate finance where it currently has nearly EUR600m in assets.
The fund will finance senior acquisition debt incurred by unlisted European companies with solid fundamentals, moderate leverage and a robust business model.
“The main objective of this new fund is to finance SMEs seeking rapid growth,” says Christophe Bavière, chief executive of Idinvest Partners. “And current market conditions for acquisition debt are excellent, both in the primary and the secondary segments.”
The typical investment target is an SME well positioned on the domestic market and having initiated an external growth strategy involving the acquisition of competitors, aiming to expand into international markets – particularly emerging markets.
Eric Gallerne, who joined Idinvest Partners in 2012, will implement the investment strategy of this fund. He previously managed the acquisition financing activity of Fortis Banque France, before heading up Groupama Private Equity’s mezzanine operations.
“This fund responds to structural developments in the senior debt market and is part of our ambition to maintain long-term partnerships with market participants involved in growth financing in Europe,” says Gallerne. “The selected investment targets offer excellent potential to deliver top-level performance.”
