Priam reaches full investment

Priam, the technology fund advised by Siparex, has reached full investment. It has generated an average IRR of 17.8% since its management was taken over by Siparex in 1998 when it acquired the venture capital investor Epicea. Investors have so far received returns of 160% of the amounts invested. Priam was established in 1989 on the initiative of the Délégation Générale de l’Armement and the Commissariat à l’Energie Atomique to finance small- to medium-sized businesses with strong links to the defense industry. Investors in the fund included the largest companies from defense, such as Dassault Matra, Aérospatiale, SNPE, SFIM, GIAT and Thomson. They had agreed to a three-year extension to the fund, which originally had a ten-year life, over which time the company made more than 70 investments. Its two most successful exits were Omnicom, which floated on the Nouveau Marché, providing a 253% annual rate of return, and Decan, which floated on the Second Marché, providing a 219% rate of return. The few remaining investments of the fund, which include companies such as CMR, Seso and Serta, will be managed by Fondinvest Capital.

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