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France’s Siparex hits €90m first close for Midmarket III fund

25 Sep 2012

French private equity firm Siparex has reached a €90m first close after four months of fundraising for its third mid-market fund, which is currently on the road seeking commitments of €150m.

Siparex Midmarket III drew commitments from French and international institutional investors and family offices, of which 80 per cent were existing investors in the fund’s €130m predecessor.

The new vehicle will follow on from the strategy of previous funds, which focused on investments of between €2.5m and €15m in growing businesses valued at more than €40m.

Although the majority of its investments will be in France, the fund could co-invest alongside other Siparex funds in Italy, Spain and Portugal.

The firm said its first investments are already planned from the final quarter of 2012.

Siparex Midmarket II has invested in 15 portfolio companies to date and is currently generating an IRR of 20.4 per cent and a 2.4-times multiple.

The fund has already sold its stakes in Babeau Seguin and Jalmat, and is understood to be in the process of finding buyers for other portfolio companies.

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