French alternative assets investor iXO Private Equity has held an €85m first close for its third fund, putting it 70 per cent of the way to its €120m target.
iXO’3 has seen re-ups from all of the LPS from the firm’s previous two funds, with several new investors also joining for the first close.
The firm said other new LPs were currently performing due diligence towards the next closing, which it expects to hold in the first quarter of 2014.
iXO said the four main investors in its first close were Bpifrance, AXA France, CNP Assurances and Credit Agricole, as well as other LPs ranging from family offices to funds of funds and insurance companies.
The firm’s 2003 debut vehicle has already returned more than 120 per cent of its investors’ capital, and expects to generate a two-digit net return across its whole portfolio.
iXO’2, which was launched in 2008, completed its investment period in July and has already reimbursed 68 per cent of its investors’ commitments.
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