Astorg Mid-Cap anticipates summer final close

Harriet Matthews
30 March 2021

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Astorg is currently fundraising for its Mid-Cap Fund, with the process expected to be finalised in summer 2021, a source close to the situation told Unquote.

The fund has a target of €1bn and will target mid-market deals on a pan-European basis, the source added.

The Mid-Cap strategy targets businesses with enterprise values of €150-400m, according to Astorg's website, whereas its existing strategy targets deals in the €400m-2bn range.

The fundraising process was launched in October 2020, the same source said.

The fund was registered as a Luxembourg-domiciled vehicle in January 2021, according to a publicly available regulatory filing.

The fund has made its first investment, acquiring UK-based legal disputes platform Opus 2 in a deal valued at around €350m, as reported by Unquote.

Astorg is also currently deploying equity via the latest vehicle in its flagship strategy, Astorg VII, which held a final close in January 2019 on €4bn. The fund targets B2B businesses with enterprise values of more than €200m and deploys equity tickets of €100-400m. The firm also announced that this fund has made its latest deal, entering into exclusive negotiations to acquire CVC's aluminium system business Corialis, as reported.

Astorg declined to comment.