France-based IDI Emerging Markets Partners has raised $50m for its third investment fund.
LPs include financial institutions, family offices and high net worth individuals, including most of its existing investors, such as FFP – the investment holding of the Peugeot family group – as well as new shareholders.
The new vehicle, a closed-end fund regulated in Luxembourg, will target emerging private equity investments in China, India, emerging Asia, Latin America, Africa and the Middle-East.
In parallel, additional investors such as financial institutions, corporates and family offices are in the latter stages of their appraisal processes, which should allow the fund to reach $80m in the following months, IDI said.
The firm was founded by Julien Kinic and Peter Bieliczky in partnership with IDI Group who originally incubated the initiative. The IDI team have completed 49 transactions in the sector over ten years, amassing a cash-on-cash return in excess of 2.9x.
Fund III is now working to finalise its first transactions during the first quarter of 2014, the firm said.
Kinic was formerly investment director at Cognetas, then Electra Partners Europe, and later joined l’Agence Française de Développement (AFD, Proparco), the arm of the French government dedicated to the financing of emerging and developing countries.
Bieliczky previously launched the first FCPI VC Fund of the AXA Group in 1998.
Created by the French Authorities in 1970 and privatised in 1987, IDI Group is one of the oldest development capital companies in France, now listed on the Paris Stock Exchange with two-thirds still controlled by its management. IDI Group invests its own capital and also third-party money through IDI Emerging Markets Partners and Idinvest Partners.
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