Fonds Industries et Technologies II to hold final close in H1

The vehicle's target is set at €100m and the hard-cap is €120m, Unquote understands.

French publication Capital Finance reported that the vehicle has collected €90m to date and should be holding an interim close shortly. The GP declined to comment on whether such a close was upcoming.

FIT II is the successor of Fonds d'Investissement de Modernisation des Industries Électriques, Électroniques et de Communication (FIMIEEC), which closed in 2013.

The investors backing the vehicle are institutional (insurance companies and mutuelles), family offices and high-net-worth individuals. BPI France is invested in the vehicle.

The vehicle will back B2B businesses in the industrial sector generating a turnover in the €15-100m range. While another one of the GP's funds, Partenaire Croissance, is dedicated to investments in companies based in the Auvergne-Rhône-Alpes region in France, FIT II will back companies headquartered across France and build-ups might take place abroad.

FIT II will invest tickets of €10m on average, but alongside co-investors it can provide up to €30m. Between 10 and 12 transactions should take place overall, and two transactions have already taken place, Unquote has learned. Supporting the companies in their buy-and-build strategies will be one of the main ways for the fund to create value.  

Discussing the investment strategy of the fund more generally, a spokesperson for Innovafonds confirmed that the GP intends to keep investing via several funds – Partenaire Croissance II should be raised in 2021. The vehicle will be the successor of €30m Partenaire Croissance, closed in 2017, which is currently deployed at more than 50%.

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