French private equity firm Ardian has closed its latest small-cap fund on €500m.
Expansion Fund III has secured commitments of €450m and has a further €50m available for co-investments, said the firm.
The fund will invest in companies with an enterprise value of up to €150m. Its current portfolio companies include environmental data business CLS Group, pharmaceutical company Synerlab, smart card testing company Micropross and frozen food company Frostkrone.
Last October Ardian raised a €2.4bn fund and secured co-investment commitments of €400m.
Ardian currently has €38bn in advised and managed assets and investments in more than 800 funds and 165 businesses.
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