ArchiMed hits €315m hard-cap for Med II fund

Amedeo Goria
18 September 2017

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Lower-mid-market private equity house ArchiMed has reached a €315m final close for its second pan-European healthcare-dedicated vehicle, Med II.

The GP hit the €315m hard-cap for its second fund after four months on the road. Launched in April 2017 with a €250m target, the vehicle is more than double the size of its predecessor, which held a final close on €150m in June 2015.

The fund follows the industry's standards in terms of fees, including management fee, hurdle rate and carried interest.

As was the case for Med I, Triago acted as placement agent for Med II. Clifford Chance acted as legal and tax adviser and Paris-based audit firm Mazars Group acted as financial adviser.

Med I is now fully invested and completed its first exit in April 2017, selling HIS via a trade sale for an enterprise value in excess of €25m. The HIS divestment reaped close to 2.5x money and a 400% IRR.

Investors
The GP's maiden fund, Med I, raised €150m of commitments from European LPs, according to a statement, while Med II raised capital from approximately 30 LPs from both the US and Europe.

According to a source close to the situation, 93% of its LPs are institutional and one third of them are based in the US.

European investors included endowments, foundations, funds-of-funds, family offices, banks, insurers and sovereign wealth funds, based mainly in Benelux, France, Germany, Switzerland and the UK.

Investments
ArchiMed targets growth investments as well as leveraged buyouts exclusively across the healthcare sector, including medtech, biopharma, care services and preventive healthcare. The fund invests in European businesses with an equity ticket ranging between €5-50m, and aims to complete about 12 transactions.

ArchiMed's current portfolio companies include Swiss-Italian company Medistream; French firms Polyplus Transfection and Fytexia; London-based Deallus Consulting and RehabWorks; Italian-French company Micromed; and Italian business Primo.

People
ArchiMed – Denis Ribon (chair, managing partner); Vincent Guillaumot, Robin Filmer-Wilson (managing partners); Loïc Kubitza, Christoph Böhmer (operating partners).