Chequers Capital closes Fund XVII on €1.1bn

Greg Gille
17 May 2017

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French GP Chequers Capital has closed its latest fund, Chequers Capital XVII, on €1.1bn.

According to the firm, the fund exceeded its €1bn target and demand from LPs amounted to twice the final close figure. Chequers stated the vehicle was raised in less than three months – however, unquote" reported as early as January 2017 that the GP was raising fund XVII with a €1bn target.

As was the case for the firm's previous fund, MVision acted as placement agent for this latest effort. Goodwin Procter acted as legal counsel – taking over from King & Wood Mallesons (then SJ Berwin) for the previous fund.

Chequers' funds have steadily increased in size over the past few vintages. The mid-market GP closed its previous fund on the €850m hard-cap in 2011 after three months on the road. That fund's predecessor, Chequers Capital XV, closed on €600m in May 2006 after a four-month fundraising process.

Chequers' latest effort adds to a wave of sizable fund closes in France in recent months, recently investigated by unquote". According to unquote" data, 22 funds were closed last year compared to 30 the previous year, while a total of €24.7bn in commitments were raised – a record amount that significantly exceeds the €9.8bn collected in 2015. Ardian notably raised LBO Fund VI, closing the vehicle on its €4bn hard-cap with an extra €500m co-investment pocket. In June 2016, Astorg Partners closed its sixth buyout fund on its €2.1bn extended hard-cap. More recently, Apax Partners raised €1bn for its latest buyout fund, Apax France IX.

Investors
According to a statement from the GP, Chequers Capital XVII's LP base includes pension plans, sovereign wealth funds and funds-of-funds. It features a "substantial representation" from Europe and the US.

The fund's predecessor, Chequers Capital XVI, had a 55-strong LP base, according to unquote" records. Of these, 45 were returning investors.

Investments
Chequers Capital XVII will seek to take majority stakes in primary buyouts of European mid-market companies across all sectors. It will target deals valued between €80-350m, with typical equity investments of €40-120m.

People
Chequers Capital - Jérôme Kinas (CEO).