European private equity investor Idinvest Partners has held the first close of its Secondary Fund III (ISF III) at its initial target of EUR350 million.
ISF III will follow its predecessor fund by focusing on mature secondary transactions in the European small and mid-market.
ISF III has already completed its first secondary transaction and Idinvest Partners is targeting a final close of EUR400 million for ISF III during the remainder of 2016.
The fund's 2014-vintage predecessor, ISF II, closed at EUR228 million and is now fully invested across 17 secondary transactions.
Christophe Bavière, CEO of Idinvest Partners, says: “We are very grateful for the support shown by our investors, some of whom have been with us for over a decade. We are also pleased to have attracted new institutional investors and family offices, across Europe, North America and the Middle-East. In a challenging environment where LPs are reducing their investment relationships, investors have nevertheless responded well to our disciplined strategy, mid-market focus and consistent track-record.”
Christophe Simon, Idinvest Partners’ head of private funds group, adds: “We believe that Idinvest’s integrated platforms, which combine primary, secondary, private debt and co-investment capabilities, are key to sustaining a high quality, proprietary deal-flow in the current market environment. ISF III will continue Idinvest’s diverse investment focus on small and mature secondaries in the European mid-market, which we believe still presents a sizeable, attractive and under-exploited segment of the much larger mainstream secondary market.”
