CIC Private Debt closes CIC Debt Fund 3 on €530m

Francesca Veronesi
22 November 2019

Tweet
Facebook
LinkedIn
Google plus
Send to

CIC Private Debt has held a €530m final close for its third-generation senior debt fund, CIC Debt Fund 3, surpassing its €450m target.

CIC Debt Fund 3 was launched around a year ago and, as of June, had collected around €350m.

Its predecessor, CIC Debt Fund 2, closed on €440m in Q4 2016.

The debt provider is simultaneously raising another fund: CIC Mezzanine & Unitranche 5 was launched in September and held a first closing on €150m, a source familiar with the situation confirmed to Unquote.

CIC Mezzanine & Unitranche 5 is aiming to collect €400m by mid-2020. The vehicle, providing mezzanine as well as unitranche financing, will invest €16-20m in companies valued at €15-300m, a person familiar with the situation told Unquote. It will follow a similar strategy to CIC Mezzanine 4, which closed on €300m in 2016.

CIC Private Debt has assets under management of more than €2bn and has raised eight vehicles providing senior, unitranche and mezzanine debt.

Investors
CIC Debt Fund 3 is backed by institutional investors. The CIC bank has €30m invested in the fund, having backed the vehicle's predecessor beforehand.

Investments
The third-generation senior debt fund will provide tickets of €5-25m (€12m on average). The fund will back companies with an EBITDA in the €7-75m bracket, the sweetspot being €10-30m, Unquote understands.

A person familiar with the situation confirmed that the fund has already provided financing for 22 companies, deploying around €200m. The debt provider is not expecting to offer co-investments via this vehicle.

People
CIC Private Debt – Alexis Drouillot (head of senior debt); Marie de Taisne (investment director).