Initiative & Finance appoints Ardian's Pihan as partner

Pihan previously worked at Ardian from 2005 within its mid-cap expansion team. Over the last 15 years, she has completed numerous LBOs and growth capital transactions in France and the rest of western Europe. She has expertise in a wide range of industries, including the consumer, healthcare, food and construction sectors.

This announcement follows the recent appointment of François-Xavier Oliveau, who was hired from PAI Partners to take on the role of transformation partner in the mid-cap team providing operational support to the portfolio of Tomorrow Private Equity Fund.

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 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 deploys equity tickets of €20-50m.

The fund 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.

Initiative & Finance FPCI III 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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