Finama Pe changes name of vehicle to Acto

Finama Private Equity has announced it is changing the name of its direct investment vehicle Finama Private Equity Développement, to Acto, with immediate effect following the receipt of approval from the fund’s investors. Pierre-Michel Deléglise heads the team of five investment professionals and has commented that contrary to articles in the French press, neither the management company nor its structure has changed.

Originally an employee of the French insurer GAN, Deléglise worked for them in 1989 on GAN Participations, an evergreen private equity fund quoted on the Second Marché. In 1998, GAN was sold by the French state and acquired by another French insurer, Groupama, the largest French mutual. GAN/Groupama eventually decided to maintain private equity activity and renamed it Finama Private Equity in 2000. A 1997 Jersey-based trust, which Deléglise is still involved in managing, looks after the remaining portfolio of the original GAN evergreen fund.

Regarding the group’s debut investment vehicles, Finama Private Equity Globale (a fund-of-funds) and the buyout vehicle Finama Private Equity Développement (now Acto), both held a final close in 2002. The fund-of-funds has EUR 130m while the buyout fund closed on EUR 85m. For the fund-of-funds, EUR 100m came from Groupama itself and approximately EUR 15m came from the regional Groupama bureaux, while the balance came from small French institutions.

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