Perfectis I reaches Euro 60m mark

01 August 2001

Tweet
Facebook
LinkedIn
Google plus
Send to

The ex-3i team Perfectis Private Equity has announced that it has so far raised Euro 60m for its debut vehicle, Perfectis I and has at the same time announced news of its first investment (see page 26). News of a second investment is expected in September. The Perfectis Private Equity team, led by Jean-Marie Lavirotte, has also announced that it has upped its target from Euro 75m to Euro 85m, on which the fund will be capped. Following a first close on Euro 55m, which was held at the end of 1999, a final close is pencilled in for October 2001. The fund is structured as a classic French FCPR, comprising a 2% management fee and a 20% carry subject to a 6% hurdle.

Commitments to the fund have so far been raised from European institutions, although the team would welcome interest from groups based further afield. Sponsored by EULER-SFAC, other investors in the vehicle include Swiss Re and Duke Street, which is looking to Perfectis to help it gain greater access to the French private equity market. The fund will focus investments on buyouts of companies with a turnover of around Euro 15-150m and valuations of up to Euro 100m. It will have no specific sector focus, but will invest around Euro 2.5-12m per deal in around 10-15 companies, mainly in France. Perfectis will seek to acquire majority, or significant minority stakes and expects to reach full investment within three years.

Since Lavirotte, Gabriel Fossorier and StÃ©phane Bergez established Perfectis Private Equity, they have appointed two new members to the team, Laurent VallÃ©e and Delphine Dufou.