European private equity firm Idinvest Partners has gathered €205m towards a dedicated senior debt fund it plans to close above €250m by the end of June.
Idinvest Dette Senior has held an interim close on the latest amount, making the capital available for financing senior acquisition debt incurred by unlisted European companies with solid fundamentals.
The firm said most of the fund’s current investors were major insurance companies.
Idinvest CEO Christophe Bavière said, “The main objective of this new fund is to finance SMEs seeking rapid growth, and current market conditions for acquisition debt are excellent, both in the primary and the secondary segments.”
Typical investment targets for the fund will be SMEs well positioned in the domestic market which have begun an external growth strategy involving the acquisition of competitors and expansion into international markets – particularly emerging regions.
The fund has already completed four transactions, Idinvest said.
Eric Gallerne, who joined Idinvest Partners in 2012, will implement the investment strategy of the fund.
He previously managed the acquisition financing activity of Fortis Banque France, before heading up Groupama Private Equity’s mezzanine operations.
Gallerne said, “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.
“The selected investment targets offer excellent potential to deliver top-level performance.”
In December 2012 Idinvest said it planned to double the €3.3bn it currently has under management over the next five years, through a broad strategy including growth capital investments, funds of funds, secondaries, acquisition debt and mezzanine financing, and private equity advisory.
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