French private equity firm Montefiore Investment has held a final closing of its third mid-market fund on its €240m hard cap.
“Despite a harsh macro-economic environment, we were oversubscribed compared to our initial target. Beyond the amount raised, we are particularly proud of the outstanding quality of our limited partners’ base. Our loyal family offices have been joined by many French and International institutional investors such as a leading European bank, several insurance companies as well as French, European and American blue chip funds of funds” said Jean-Marc Espalioux, managing director.
“Every portfolio company gained market shares during the economic downturn, and kept growing steadily both in terms of sales and profitability” adds managing director Daniel Elalouf.
Montefiore has strengthened its team over the past two years with the recruitment of one Investment director and three senior associates.
“This successful fundraising is a reward for our long-term performance, which is among the best in Europe. The resilience of our strategy was clearly demonstrated, even in sluggish environments. Our investment approach will remain the same, with a view to building around 10 growth platforms in the field of services. We have decided to accelerate the fund’s deployment and completed the first Montefiore Investment III transaction with an investment in BVA early 2013,” said CEO Eric Bismuth.
Founded in 2005, Montefiore Investment currently manages around €500m. Its investments include B&B Hôtels, Homair Vacances, Auto Escape, Demos, BVA and Asmodée.
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