Eurazeo holds €500m final close for Eurazeo Capital II

Launched in early June 2016, the GP's fundraising activity was paused for nearly a month in the aftermath of the UK's referendum on EU membership, according to a source. Nevertheless, the fund is understood to have reaped allocation requests in excess of its €500m target.

With a minimum lifespan of nine years, the vehicle targets growth capital injections across the GP's portfolio. Managed by the Eurazeo's team in Luxembourg, the fund will purchase a 25% stake in several of the GP's portfolio companies with the aim to support their international expansion. Moreover, the fund manager is understood to operate a 7.5% hurdle rate and 20% carried interest.

In a statement, Eurazeo claimed the launch of the new vehicle will bring its volume of assets under management to €6bn, of which €1bn is managed for third parties.

Investors
According to a statement, the fund raised committed capital from international pension funds, asset management firms, sovereign wealth funds and family offices. The majority (73%) of subscribing LPs are based in Europe, while 15% of the remaining LPs are located in North America and 12% in Asia.

Investments
The fund will acquire a 25% minority stake across seven of Eurazeo's non-listed portfolio companies: Asmodée, Desigual, Neovia, Fintrax Group, Les Petits Chaperons Rouges, Novacap and Sommet Education, for an aggregate €340m injection.

Moreover, the GP aims to allocate the remaining €160m to a newco, CPK, which will be created in the first half of 2017 with the purpose of acquiring three new businesses –  Carambar, Poulain and Krema – from US-listed corporate Mondelez International, as well as for add-on investments for its current portfolio companies.

People
Eurazeo Capital – Marc Frappier (managing director).

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