Initiative & Finance appoints PAI Partners’ Oliveau

In his new role, he will be responsible for the operational support of the portfolio of Tomorrow Private Equity Fund and the management of its environmental transformation.

Oliveau joins Initiative & Finance from PAI Partners, where he was a principal in the portfolio performance group since 2015. In addition to providing management and operational support, he launched the PAI Partners digital initiative, which included structuring an ecosystem of B2B artificial intelligence players to support companies.

Previously, he was a member of the Arjowiggins' executive committee, where he managed the healthcare and advanced applications division. He also was deputy CEO of Lucibel, a French LED lighting specialist, held operational and business development positions at Air Liquide and Schneider Electric, and was a consultant with the Boston Consulting Group.

Oliveau has experience in various sectors related to environmental transition, including building automation, LED lighting, energy conversion, fuel cells, industrial gases, organic materials and recycling.

Initiative & Finance launched Tomorrow Private Equity Fund in January 2020. The vehicle has a target of around €300m and invests in companies active in various sectors, with a focus on pursuing environmental transition, solving environmental issues and developing solutions to address the global challenges set by the UN Sustainable Development Goals.

The vehicle acquires majority and minority stakes in mid-cap companies, mainly based in France, while not excluding investments also in the rest of continental Europe. It targets buyout and growth capital transactions and deploy equity tickets of €20-50m.

The fund also pursues an impact investment approach, supporting the management of its portfolio companies in making extensive use of digital and data tools to transform the company business model.

Tomorrow Private Equity Fund 's strategy is led by Baudouin d'Hérouville, who joined Initiative & Finance as partner and head of mid-cap. He has 17 years of private capital investment experience across the European markets, working on both majority and minority deals. Prior to joining Initiative & Finance, d'Hérouville worked for 15 years at Ardian where he was managing director of the mid-cap expansion team.

In addition to Tomorrow Private Equity, the firm is also managing its third small-cap-focused fund, Initiative & Finance FPCI III, which held a final close on its €200m hard-cap in January 2020, after less than three months on the road.

The fund prioritises buyout transactions, but dedicates some of its capital to growth investments as well. It deploys equity tickets in the €5-15m bracket, co-investing with LPs for larger tickets of up to €20m.

The vehicle targets companies valued at €5-50m when acquiring majority stakes, and assets with EVs of up to €80m for minority investments.

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