French Astorg Partners has announced the first close of its third mid-market buy-out fund at E110m. The fund is targeting total commitments of E300m in a final close scheduled for Spring 2004.
The majority of investors in Astorg III have invested in previous Astorg Funds. Investors include Adams Street Partners, AXA Investment Managers and Morley Fund Management.
Astorg has completed three transactions within the last year including the exit from Frans Bonhomme in a secondary deal in July. A fourth transaction, the first investment to be made from Astorg III, is due to be announced at the end of this month. The acquisition will be made within the industrial heat treatment equipment sector but the target has not yet been revealed.
‘We are very proud of what Astorg Partners has achieved in five years, since the spin-off from Suez,’ said Xavier Moreno, managing partner. ‘We have manged to successfully raise funds, and assemble a portfolio of outstandingly managed, high potential companies, which have shown continued strong growth since 1999 in a rather disrupted economic environment.’
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