Ace Management to raise cybersecurity fund

Francesca Veronesi
26 January 2018

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French GP Ace Management has started raising a cybersecurity-dedicated fund, Brienne III, with a view to hold a first close in March 2018, according to press reports.

With a target of €150m, the FPCI fund will focus prominently on cybersecurity SMEs, according to a report by French daily Sud Ouest.

It will provide tickets of between €1-10m for early-stage and expansion deals, French publication Capital Finance reported.

Ace could not be reached for comment at the time of publication.

The vehicle's predecessors, evergreen funds Brienne I and II, have nearly €50m in assets under management in the defence and cybersecurity fields. The GP's previous investments in the cybersecurity sector include Sentryo, an industrial network protection software, backed in 2016, and 3DTrust in 2017.

Ace is a private equity firm focusing on the aerospace, maritime, defence and security sectors.

It manages seven investment vehicles representing €450m in capital, on behalf of industrial and financial backers, including Airbus, Safran, CEA, Areva, BPI France, the Québécois Fonds de solidarité FTQ, Societe Generale, Crédit Agricole, CIC, Axa and four French regions. Most recently, Ace raised €150m for Aerofund III, an aerospace-focused fund with a €300m target, in 2014.