Transatlantic venture capital firm Partech International has held a €100m first close of its latest fund, which will be primarily invest in internet services and IT sectors in Europe and Silicon Valley.
The Partech International VI vehicle attracted existing and new investors including CDC Entreprises (which invests on behalf of FSI), Caisse Nationale de Prévoyance (CNP), CM-CIC, Idinvest, as well as the European Investment Fund (EIF), AG2R La Mondiale, Malakoff Médéric, family offices and prepaid corporate services provider Edenred.
Philippe Collombel, a partner at Partech, said, “The trust of our investors is invaluable and we are thankful for their support. As a result, we have achieved an ambitious first close and it is now very likely that we will exceed our original target. A €120m to €140m fund will be the ideal size in order to implement our focused international strategy.”
This new fundraise also successfully caps the generational transition which was initiated during the previous fund, the firm said in a statement released today.
Vincent Worms, founder and partner emeritus at Partech, added, “This transition has been gradual. We started the process in Europe and it is now complete. I am very satisfied with the results,”
Partech achieved a total of eight exits in 2011, including one IPO (InvenSense), and seven trade sales, including Brands4Friends to eBay, Dailymotion to Orange, Inquira to Oracle, Digitick to Vivendi and JobPartners to Taleo.
In October Partech and a consortium of investors including Artiman Ventures raised $100m in capital to finance the growth of Prysm, a developer of laser phosphor digital displays.
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