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Idinvest banks €60m towards second digital fund in first close

24 Oct 2013

euro_note_170sqEuropean SME-focused private equity firm Idinvest Partners is almost two-thirds of the way to its €100m target for its Digital Fund II after holding a first close for the vehicle.

The new fund has received €60m of commitments to date according to Idinvest, which said Bpifrance had provided €15m alongside investments from Allianz France, blue chip insurance companies and family offices.

It added that Lagardère group would be an active partner in the fund, having invested €11m.

A statement from Idinvest managing partners Christophe Bavière and Benoist Grossmann said, “Following the success of our first fund’s strategy in the digital industry, which gave some real French gems the chance to become leading businesses in Europe and worldwide, like Deezer, Dailymotion, Criteo and Meetic, we are happy to have gained the trust of Lagardère and our other partners such as Allianz France and Bpifrance.

“This means that we can continue to support the growth of new European businesses over the coming years.”

In July Idinvest trounced its €250m for its latest senior debt vehicle by raking in €281m of commitments.

AltAssets reported in May that the firm had already collected €205m towards the fund, which will be used to finance senior acquisition debt incurred by unlisted European companies with solid fundamentals, moderate leverage and robust business models.

Those businesses would typically be SMEs already well positioned on their domestic market which had initiated an external growth strategy, it added.

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