French private equity firm Montefiore Investment has hit its €180m target for its third buyout fund after a lightning fundraise.
France’s biggest bank BNP Paribas, US fund of funds Parish Capital and French fund of funds Dahlia all committed capital to the latest vehicle, which was launched in the spring, CEO Eric Bismuth, pictured, previously told AltAssets.
The firm said it would keep open subscriptions to the fund due to additional expressions of interest from family offices and institutional investors, and expected to hold a final close in the next few weeks.
Montefiore’s previous two funds have achieved an average gross IRR of about 30 per cent, the firm said.
Fund I has made an IRR “in the high 30 per cent”’ according to Bismuth, while the €120m second fund from 2007 has a 25 per cent IRR.
Fund two is 70 per cent invested, with 30 per cent of those investments realised, while the completely invested fund one has realised 70 per cent.
Montefiore specialises in growth investments in locally supplied services (LSS) – businesses which require a direct physical presence, such as hotels and catering, leisure and tourism, and personal assistance service including healthcare and education.
Partner and managing director Daniel Elalouf said, “The success of this fundraising is a true vote of confidence from our investors in our ‘Focus & Growth’ strategy, which combines growth and profitability for our portfolio companies.
“Montefiore Investment will continue to follow its investment approach with Montefiore Investment III by building about ten growth platforms in the LSS sector.”
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