Demeter Partners merges with Emertec Gestion

The new entity, named Demeter-Emertec, will manage a total of 120 companies with €800m in assets under management. The latter figure is expected to reach €1bn by 2017, according to the firms.

The assets will be divided between three different branches of equal size: Innovation, with the Emertec 4, Emertec 5, SCR Fonds Lorrain des Matériaux, Fonds Européen des Matériaux, Demeter 3 Amorçage and Demeter 6 Amorçag vehicles; Croissance, with the Demeter and Demeter 2 funds; and Infrastructure, with Demeter 4 Infra and the Fonds de Modernisation Ecologique des Transports (FMET).

According to Demeter and Emertec, the merger is a logical development following the Paris climate agreement (COP21), and is also in line with the third development stage of BPI France's Programme d'Investissement d'Avenir (PIA). Their plan is to form a strong entity active within the environmental and sustainable development sectors.

With an established presence in Paris, Madrid, Grenoble and Metz, the firms do not rule out the possibility of further partnerships with other investment structures.

Demeter-Emertec will commit equity tickets ranging between €500,000 and €30m in companies focusing on energy transition and environmental issues. The partnership should also enable it to raise one investment fund per year, the GPs said. A new seed fund is currently being created and a new growth fund will be launched in early 2017, with a €200m target and an investment size in the €10-25m range.

The merger was supported by Emertec Gestion's institutional shareholders (BPI France, CEA Investissement, Caisse d'Epargne Rhône Alpes), and by Olivier Dupont and Albert Ollivier, the chairs of Demeter and Emertec respectively.

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