French private investment major Ardian has held a €70m final close for a new fund targeting small and medium-sized businesses.
The Ardian Croissance Fund close means the firm now has €300m of growth-focused capital under management.
Ardian said the strategy of its Innovation & Growth team, which raised the vehicle, was centred on France and continental Europe, targeting investments of up to €10m.
Most of the LP commitments came from European investors, the firm added.
The fund has already made investments IT engineering businesses Consort and online travel firm BravoFly.
Ardian I&G head Laurent Foata said, “We have been building up relationships with entrepreneurs for the last 15 years.
“Our two most recent investments, Consort NT and Bravofly, are good examples of the way we work with companies and their founders to fulfil and grow ambitious growth strategies.
“Our hands-on approach and expertise are differentiators and have both been vital in our investments and continuing relationships with companies.”
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