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France’s Siparex smashes target with €200m mid-market fund

13 Feb 2014

French private equity firm Siparex has raised €200m for its third mid-market fund, exceeding its initial €150m target.

MidMarket III was launched in June 2012, and hit a first closing of €90m in September that year after only four months on the road.

Existing investors comprised 77 per cent of LPs in the fund, which also saw a 50 per cent rise in family office backers, comprising 25 per cent of the limited partner base.

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.

The fund has already inked three investments: logistics company Malherbe, diversified industrial group Nadia and engineering business CEPTP. Recently the firm secured a 5x return from the sale of its portfolio company Manuloc.

“The business model of Siparex , ETI (intermediate-sized enterprises) real capital investment , fits perfectly to the needs of French ETI , we share the desires of development. The new strike force of € 200m will allow us to support ETI projects in their acquisitions and international expansion,” said Bertrand Rambaud, president of Siparex Group.

Siparex was founded 36 years ago and has capital under management in excess of €1bn, split between midsize SMEs and a regional and innovation strategy, which finances technological, innovation and development within specific regions.

Previously the firm raised €245m raised in 2011- to 2012 for Siparex MidCap II and Siparex MidMarket III, its two FCPR (Fonds Communs de Placement à Risque) vehicles.

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