Majority shareholder IDI exploring options for Idinvest stake

In a statement released on 24 October, listed investment firm IDI said discussions with the management of Idinvest regarding the future of the business had been ongoing, given that the firm had generated interest from several potential backers in recent months. IDI and the management of Idinvest aim to identify one or several suitable partners to back Idinvest in its next growth phase, in the wider context of internationalisation and consolidation taking place within private equity, IDI added.

IDI currently owns a 51% majority stake in Idinvest with management, led by managing partners Christophe Baviere and Benoist Grossmann, holding the remainder. IDI orchestrated the spin-out of AGF Private Equity from Allianz in 2010 with a €27m investment, leading to the creation of Idinvest. The latter has now considerably extended its reach, both as a GP and a fund-of-funds, with particular inroads made in the venture and credit spaces. Idinvest currently manages €8.4bn.

Click here to view a full profile of Idinvest as an LP. For a detailed breakdown of the firm's direct investment strategy, click here

According to French daily Les Echos, investment bank Messier Marris has been appointed by IDI to advise on a potential sale, with the report mentioning a valuation in the region of €400m.

The growth of Idinvest, notably in the fund-of-funds space, could make it a suitable target for other asset managers, which could further fuel the wave of consolidation seen across Europe in recent months.

In October 2016, HarbourVest secured an agreement to wholly acquire the investment portfolio of SVG Capital for £807m, bringing to an end a fiercely competitive bidding war involving Pantheon Ventures, Pomona Capital, Goldman Sachs and Canada Pension Plan Investment Board. Four months earlier, US-based firm Pavilion Financial Corporation acquired private markets advisory firm Altius Associates, marking its fifth acquisition since 2010.

More recently, LGT Capital Partners acquired private debt house European Capital Fund Management from Ares in March 2017. And in April, UK-based asset management firm Schroders acquired Swiss LP Adveq Holding. 

SL Capital has also been in consolidation mode in recent years, taking over management of Aviva Investors' PE portfolio in February 2016 and acquiring a stake in Pantheon's European private equity fund in 2014. The LP's parent, Standard Life, itself merged with Aberdeen Asset Management earlier this year in an £11bn deal, giving birth to a European asset manager with significant exposure to private equity.

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• Topics
• LPs
• GPs
• France
• IDInvest Partners (AGF Private Equity)