L Capital, the private equity arm of luxury brand conglomerate LVMH has closed its latest fund with commitments of €400m.
The fund, which surpassed its €350m target, will aim to invest in between ten and 15 businesses in the European mid-market space that operate in the lifestyle brand and retail sectors.
The firm is said to be eyeing the £200m sale of Aurum Holdings, the owner of the Goldsmiths, Mappin & Webb and Watches of Switzerland jewellery stores.
If a deal is reached, L Capital will add the 165-store company to its growing portfolio of luxury high street stores, which includes a significant presence in Asia.
In 2010 the firm bought HK$240m ($31m) of convertible bonds and warrants in Hong Kong luxury retailer Emperor Watch & Jewellery, marking its third investment in the region.
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