EdRip closes Winch Capital 3 fund on €300m

EdRip started marketing the fund around a year ago, with an initial goal to raise €250m – the amount the previous Winch fund, Winch Capital 2, had closed on in 2009.

Like its predecessor, Winch Capital 3 exceeded its target to meet its hard-cap, with the latest fund ultimately raising €300m. This marks the largest vehicle raised by EdRip for the Winch family of funds. The two previous Winch funds are already fully invested.

Investors
EdRip benefited from a strong re-up rate, with 23 of the LPs invested in the previous Winch vehicle committing to the new fund, resulting in a reinvestment ratio of 140%, according to the GP. New investors include European Investment Fund as well as Sogecap.

Overall, 10 institutional investors invested tickets in excess of €15m, including historical backers such as BPI France, BNP Cardif Assurances and CNP Assurances. High-net-worth individuals and family offices accounted for 10% of all commitments.

Investments
Much like Winch Capital 2, EdRip's latest fund will focus on minority investments in French SMEs with revenues in the €30-300m range. Italian investments will be considered, to the limit of 20% of overall commitments.

The fund will invest tickets of €7-25m and will aim for a portfolio of around 15 investments. International exposure will be a strong focus, with the GP aiming for two thirds of the portfolio to consist of French companies with activities abroad.

The fund has already made its maiden investment, taking a minority stake in real estate developer Atland. EdRip stated it also currently has exclusive agreements on three other deals.

People
EdRip is headed by Pierre-Michel Passy.

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